Samsung heir accused of bribery, perjury as trial opens


The forecast puts the company back in the game for record annual earnings, fastly recovering from last year's bump with the fire-catching Galaxy Note 7, which cost the company $5.3 billion in operating profit.

It is the group's best quarterly profit in nearly four years.

Lee has gone on trial in South Korea. Samsung Electronics said Friday, April 7, 2017 its first-quarter profit jumped 48 percent likely due to smartphone component s. The company also expects to report a rather flat revenue figure - 50 trillion won (approx $44 billion), which is 0.4 percent higher than analyst estimates.

A woman walks by an advertisement of the Samsung Electronics Galaxy S8 and S8+ smartphone in Seoul, South Korea, Friday, April 7, 2017.

"Samsung will look to recover market share they lost previous year and pump up volumes even if they have to spend more to do so", IBK's Kim said. A few months later, its de facto heir and several top executives were charged with crimes linked to a political scandal that toppled the country's president.

Samsung's de facto leader Lee Jae-yong denied on Friday bribery allegations at his first court hearing in connection to the influence-peddling scandal that end of past year lead to the impeachment of President Park Geun-hye, state media reported.

Samsung has denied any wrongdoing and Lee has pleaded not guilty to the charges, with his lawyer contending the prosecution case is "full of contradictions".

Samsung also said in January that conditions were likely to be tough this year, guiding for a "slowdown" in the smartphone sector and more competition in the market for display panels. Samsung is expected to have posted a sound operating profit from its chipmaking business, which may have reached a whopping 6 trillion won. In terms of software, you might not like what Samsung Galaxy C7 Pro comes with - the year-old Android 6.0 Marshmallow.

LG has estimated that its first-quarter operating profit rose 82 percent to its highest in almost eight years.