Despite scandals, Samsung reports record quarterly profit.

The South Korean tech giant Samsung recalled its flagship Note 7 due to its exploding disaster. The company suffered a financial damage from recalling the entire product line. The company’s brand name was completely shaken but despite being slammed by scandals, the company seems to have retained its place.

It has been recently reported that Samsung has recorded a record number of profits of $9.9 billion for its Q2 2017.

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The recall of Galaxy 7 has been no less than a shock for the company. But even this huge set back didn’t stop Samsung from making further efforts. This is the reason that Samsung has been successful in pulling the revenue of $54.8 billion during the three-month period. This revenue has increased 20% year-on-year. Because of the strong sales of the Galaxy S8, the net profits went high up to 89%.

Harman which is considered the most expensive acquisition at $8 billion is also under focus by Samsung. With a starting profit of $200 million, in sales, the business did $1.9 billion which when factoring in cost of the acquisition the net profit was $5 million. According to Samsung, the deal is expected to impact Harman’s results in the coming few quarters.

Via: Tech Crunch

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Written by Hisham Sarwar

That is all you ever need to know about me but let me warn you, freelancing for me is a journey, certainly not a destination :)