bright spot for Samsung boss, Jay Y Lee, as he sat through his first day on trial for bribery on Friday. His company forecasting its best quarterly profit in three years. First quarter earnings estimates blowing past he expectations nearly $9 billion. It's quite the comeback from last year's exploding Note 7 recall.
Not to mention the political scandal that's landed the chairman behind bars. Reuters Vincent Lee explains Samsung's rapid recovery.>> Samsung's basically riding on the big super cycle for the memory chip industry. Memory chips have continued to rise in price because supply growth is simply not being able to keep up with the growth of demand from applications such as smartphones and servers.
The Galaxy Note 7 fallout has been significant but the memory chip cycle has been so strong that Samsung has been able to overcome that. Jay Y Lee showed up in court today, for the first time, for his bribery scandal. Obviously that's affecting the company's decision-making. But there is a very strong management team in place, so that doesn't seem to be really affecting things, in terms of Samsung's day-to-day operations.
>> And the first quarter turnaround could just be the start. Samsung is about to start selling its next flagship smartphone, the Galaxy S8, and investor hype is already sky high.>> Some people are already estimating that the Galaxy S8 will be the best selling phone ever in terms of first year launch numbers for Samsung.
And it would actually significantly pad Samsung's margin in the second quarter and going forward.>> Samsung stocks rose 14% over Q1, the strongest rise in five years, and the good times are set to go on. Analysts expecting the company to book its best ever quarterly profit when it opens up its books again in June.