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Samsung Shares Hit Record High in Spite of Note 7 Scandal

by Martin 0

2016 wasn’t the best year for Samsung’s popularity as the issues surrounding the failure and eventual recall of its flagship Note 7 has plagued the company throughout the year causing many to begin doubting the reliability of the company’s devices in general. But it looks like Samsung’s Note 7 problems have not affected its standings in the financial market as the company’s shares have continued to rise over the past few weeks and have just hit a new record high of 1.86 million won (around $1,550) a share, a 2.82 percent increase of 51,000 from the previous trading day.

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The growth of Samsung’s shares can be attributed to the company’s surprising earnings during the fourth quarter of 2016. In spite having to absorb the losses of recalling the Note 7, the company’s other devices and products, which include displays and chips, have all sold well enough make up for the losses incurred by the Note 7’s failure. In fact, it is actually expected that the company’s fourth quarter operating profit will show a 50 percent year-over-year increase.

RELATED: Samsung Aims to Sell 60 million Galaxy S8 Units Says Report

The company is expected to release its full earnings report for the fourth quarter of 2016 very soon and the company’s shares are expected to rise even further as the unveiling of the company’s next-generation flagship, the Galaxy S8, draws closer. It looks like the worst of the company’s Note 7 debacle has passed and the company is ready and set to redeem itself with its next generation of devices this year.

(via)

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