Booming demand for Samsung’s memory chips and the success of its latest smartphone have led the Korean electronics giant to forecast record quarterly profits.

However, the company’s buoyant financials were cancelled out by warnings that the chip boom of the last 18 months is peaking, leading the company’s shares to fall slightly.

Samsung Electronics, the biggest and best known part of the Samsung corporate empire, predicted that operating profits had reached 15.6 trillion won (£10.4bn) in the first three months of 2017, up 58pc year-on-year.