Memory chip demand hands Samsung three year quarterly profits high

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The Galaxy Note 8 could be announced in August, although the IFA chief publicly expressed his desire for the device to make its debut during the event in Berlin.

For OLED, revenue is expected to grow year-over-year due to an increase in the supply of flexible panels in the second half.

Samsung expects to continue growing on the back of the memory chip business in the second quarter, driven by demand for high-density DRAM and solid-state drives (SSDs) in the server market.

The company tried to initially downplay the issue and even said that users can fix the red tint by themselves from the display settings. During the company's first quarter financial results, the company also confirmed its plans to bring a new flagship to the market. "Samsung has listened to feedback and has chose to release a software update starting from this week which will provide customers with a further enhanced ability to adjust the color setting to their preference".

The logo of Samsung Electronics is seen at its office in Seoul, South Korea February 28, 2017.

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Net profit for the first quarter of the year amounted to 7.68 trillion won ($6.7 billion), up 46 percent from a year ago, the firm said in a statement.

Investors have called for more transparency in the group's decision-making process, with U.S. hedge fund Elliott suggesting splitting Samsung Electronics into a holdings firm and an operating unit. While the company posted a profit of $8.7 billion making the quarter its second-best ever, it also made an important announcement - it would be launching a second flagship device in late 2017.

Further operating profit for the quarter was KRW 9.90 trillion, an increase of KRW 3.22 trillion YoY.

Samsung says that the main driving force behind these figures was its component businesses, as memory chip and displays both saw strong sales figures of premium products, though mobile sales had decreased.

Samsung Electronics shares were up 2.6 percent at a record high in a flat wider market. Smartphones accounted for around 80 percent of its handset sales.