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Samsung Shows Quarterly Profits despite Galaxy Episode

Despite the tragic events Samsung went through due to iPhone 7, the company never stopped earning profits. Although the company spent $1.8 million on the recall of 2.5 million iPhone 7 devices but still it earned approximately $7 billion for the third quarter of 2016.

The company was predicted to lost control after its devices started exploding. But according to Young Woo Kim, the SK Security Analyst, this quarter the Samsung’s chip, and display division has generated half of the company’s revenues. The company’s mobile business however reached to lowest levels in the past three quarters.

But despite all the hardships the company faced during this time, it kept its sales to a consistent level. It suffered a loss of five percent in sales as compared to previous years due to the ongoing issues of battery explosions. As the incidents increased, Samsung issued an official recall for its iPhone 7 device.

According to the sources, Samsung is expected to grow more over the coming years but the earnings can get affected if any other issues appeared. Now it seems that the company is back on the track and is making all efforts to regain its lost position.

Via: The Next Web

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Written by Hisham Sarwar

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