Samsung sees stronger earnings after posting a solid first-quarter profit thanks its memory chip business, sending its shares to a new high. Samantha Vadas reports.
Samsung shares climbing to new highs on Thursday (April 27). The South Korean tech giant posting its second biggest quarter ever. The net profits up nearly 50 percent from the same period a year before. As expected, memory chips were the main money spinner, as demand grows for more firepower on devices like servers and smartphones. 2017 got off to a shaky start for Samsung with its group chief Jay Y Lee landing behind bars in a corruption scandal, hot on the heels of the exploding smartphone saga. But a memory chip super cycle coupled with the revival of Samsung's mobile business has put the company back on the road to recovery. Pre-orders for the new Galaxy S8 launched this month were higher than expected. Also on Thursday, Samsung rejected a call from the U.S. activist hedge fund Elliott management to adopt a new holding company structure that would effectively split it in two.