Samsung’s profit soars

The costly Galaxy Note7 debacle, which led to the recall of about 3 million smartphones because of overheating batteries, seems to be behind Samsung Electronics, with the company forecasting a 48 percent growth in operating profit in the first quarter.

Samsung has not had a new flagship smartphone on the shelves ever since it stopped production of the Note7 in October after replacement phones shipped by the company were also found in some cases to have the battery issue. The company now has its hopes for the high-end of the smartphone market pinned on the new Galaxy S8 and S8+, which are expected to reach shelves later this month.

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