Samsung estimates highest Q4 profit in 3 years despite Note 7 cancellation

Samsung has announced its preliminary revenue figures for Q4 2016. The numbers indicate a 50 percent year-on-year increase for the Korean manufacturer, despite that it cancelled one of its biggest smartphones of the year during that period.

Samsung predicts its highest operating profits since Q3, 2013 at 9.2 trillion won (around $7.8 billion), which analysts put down to increased demand for memory chips and OLED displays — both of which Samsung manufactures as part of its wider business operations.

The depreciation of the Korean won, which fell 8.8 percent against the dollar in the Q4, is also believed to have helped Samsung’s healthy profits.

Samsung’s premium phablet, the Galaxy Note 7, was cancelled last October following multiple reports of it catching fire. The fiasco is said to have cost Samsung more than $2 billion, though strong sales of its Galaxy S7 series earlier in the year have mitigated the overall damage.

Samsung is now preparing for the launch of its next flagship, the Samsung Galaxy S8, expected this April. Samsung is said to be putting 10 million units into production initially, the same as the Galaxy S7 and S7 Edge reportedly shipped within their first month on sale.

Samsung’s official Q4 earnings will be revealed later in January.