Samsung having a great year despite Note 7 combustion & bribing scandal
Late 2016 saw Samsung facing major operating losses due to the global recall of the scandalous Note 7. The whole incident ‘sparked’ up when Note devices’ batteries started heating up excessively and exploding, causing a fire. The situation worsened to a point where airline authorities around the world imposed a formal restriction on bringing the Note 7 aboard planes.
If this wasn’t enough, the unofficial leader of Samsung’s Corporate Group, Lee Jae-Yong, was indicted in a mega presidential scandal in the start of 2017. There were allegations of Lee donating around $38 million to a charity run by one of ex-President Park Geun-hee’s subordinate.
Despite both these events, Samsung is smoothly sailing through 2017 in financial terms. Tech gurus and investment specialists around the world estimate Note 8 sales to touch 12 million units. South Korea alone ordered over 270,000 units in the opening weekend, whereas record-breaking pre-orders were made by Americans. Click here to check out the price of Galaxy Note 8 across Pakistan.
Samsung’s share has risen by roughly 65% relative to where it was last September. Samsung’s second-quarter financial report comprised of a massive 73% rise in revenue from last year. This increase can be accredited to the huge increase in sales of semiconductors, which jumped to a massive $7 trillion from $2.6 trillion in 2016.
In other news, Samsung is expected to earn around $110 from the sale of every iPhone X!
Nice going there, Samsung!