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The past few months have been particularly tough for Samsung. It had to see its new flagship device go up in flames quite literally. Samsung had to make the difficult decision to discontinue the Galaxy Note 7 and that has cost the company billions of dollars in refund costs and missed sales. Despite all of that financial loss, Samsung’s earnings guidance for the final quarter of 2016 predicts the biggest profit in three years for the company.

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Samsung’s Q4 2016 earnings guidance predicts that the company is going to report a consolidated operating profit of 9.2 trillion won or about $7.2 billion. This would be quite a significant improvement over the 6.14 trillion won or $5.2 billion of operating profit it brought in during the same period under review last year.

The guidance shows that the immediate financial hit that Samsung absorbed in the third quarter of last year was largely contained and won’t really spoil the mood for investors in the final quarter of the previous year.

Assuming that the actual results meet or exceed the earnings guidance, this would be Samsung’s best operating profit in almost three years. Even though the Galaxy Note 7 didn’t contribute anything to the company’s bottom line, Samsung was saved by robust demand for the Galaxy S7 as well as rising sales of memory and display products which continue to be a cash cow for the company.

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