Tech

Samsung CEO Resigns as Tech Giant Forecasts Record Profits

7 days ago   |   By Mac Rumors

In a surprise move, Samsung announced on Friday that its CEO and vice chairman Kwon Oh-hyun is to step down. Kwon was expected to take a bigger role at the company after de facto leader J Y Lee was arrested and jailed for bribery , but his surprise resignation has deepened concerns of a power vacuum.
"It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off," Kwon said in a letter sent to employees. "As we are confronted with unprecedented crisis inside out, I believe that time has now come for the...
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Samsung forecasts Q3 profit of $12.8 billion, up 179% year-on-year

Samsung forecasts Q3 profit of $12.8 billion, up 179% year-on-year

7 days ago   |   By VentureBeat

Samsung Electronics said on Friday its third-quarter operating profit likely nearly tripled from a year earlier to a new record, beating analyst estimates as strong memory chip prices fattened margins.
Samsung shares touched a fresh high of 2.74 million won soon after the market opened on Friday, on hopes for record 2017 earnings driven by soaring demand for memory chips with ever greater storage capacity.
“Memory chips have entered a brave new world. The rate of supply increase has slowed drastically, while demand has exceeded expectations, rapidly lifting prices,” said Kim Woon-ho...
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CEO of Samsung Electronics resigns; company forecasts record Q3 operating earnings

CEO of Samsung Electronics resigns; company forecasts record Q3 operating earnings

8 days ago   |   By Phone Arena

On Friday, Samsung announced that the CEO and Vice Chairman of Samsung Electronics, Kwon Oh-hyun, plans to resign. He is known as "Mr. Chip" for turning Samsung into the world leader in memory chips. The announcement shocked some Samsung followers. According to Park Ju-gun, head of research firm CEO Score, "The timing is nonsensical. Samsung tipped record earnings, it's going to be better in the fourth-quarter, and all that's been driven by Kwon's components business."
In addition to announcing Kwon's resignation, Samsung said that it would report record third quarter operating earnings ...
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