Samsung, the South Korean consumer electronics company, could get a bit more redemption and closure this coming week when the company rolls out the Samsung Galaxy Note 8 and a South Korean court rules on the bribery claims against Lee Jae-yong, the heir to the consumer electronics empire.
According to a news report in The Wall Street Journal, the company will roll out its new smartphone, the long-rumored Samsung Galaxy Note 8, in the middle of the week. The mobile device is notable because it replaces the Galaxy Note 7, which Samsung had to recall after the battery was prone to catch fire. It was a embarrassing and costly recall for the company, one which paved the way for Apple and the iPhone to become the leading smartphone around the globe.
The Samsung Galaxy Note 8 is also the last shot Samsung has of wooing and wowing consumers ahead of the 10-year anniversary iPhone and the iPhone 8, which are slated to come out this fall.
Separately, late in the week, the fate of Lee Jae-yong will be known, which the WSJ pointed out will determine if the heir will return to his job at Samsung or spend time in jail.
According to the Wall Street Journal, if Lee is absent for a long period of time, it could create a leadership vacuum at the conglomerate. Like other large South Korean firms, the executives look to the controlling family for approval before making any big strategic moves.
In late July, Samsung recorded operating profits for its second quarter, ending in June, and said it is on track to see record profits for the year, thanks to demand for its semiconductors, mobile phones and televisions. The South Korean consumer electronics company reported operating profits of $12.67 billion, up 72.7 percent from a year ago. It’s also slightly higher than the operating profit it forecasted in July, reported CNBC. Revenue jumped 19.8 percent to 61 trillion won, which matches its previous forecast.