Samsung's mobile business struggles in Q1

Samsung released its first quarter earnings for 2017 which stood at 9.9 trillion won ($8.7 billion) profit.

We're talking 9.9 trillion won ($8.75 billion) earned in the 90-day timeframe kicking off 2017, which represents a 48 percent increase over Q1 2016's KRW 6.68tn profit score.

Samsung Electronics shares were down 1.3 percent, while the wider market.KS11 was down 0.3 percent as of 0002 GMT.

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The tight supplies and solid demand, pushed prices for Samsung's key microchip products called NAND and DRAM up sharply, giving it fat margins.

Separately, Samsung said it Board of Directors approved plans to cancel the existing treasury shares held by the Company. The launch of the new flagship is set for the second half of the year, and the company seems to have enough time in hand to make sure the new flagship stands out in terms of performance, specs and well, safety.

According to data provider FactSet, analysts had expected a net income of 7.1 trillion won. It is also the highest operating profit figure for the quarter ended March in over three years. Samsung shares rose 2.43 percent to settle at the record closing high of 2.192 million won. Negative effect lasted from last year's discontinuation of its flagship Galaxy Note 7 smartphones, while the release of its next strategic smartphone Galaxy S8 was deployed to April.

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The company has been facing calls from activist USA hedge fund Elliott Management to split itself into a holding company and operating business, but rejected that call. Operating profit also dropped by 47 percent to almost 4 trillion won. But complaints about red-tinted screens on the S8 and spotty Wi-fi connection have forced the company to offer two software fixes, denting some of the initial enthusiasm. But the bad news is that sales from its key mobile business decreased due to a decline in flagship product sales, namely the price adjustment of the Galaxy S7.

"We are encouraged that Samsung Electronics has agreed to take the bold step of optimizing its balance sheet ... even as the company has faced obstacles", Elliot said in a statement.

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