Strong Sales of Galaxy S7 and S7 Edge Pushes Second Quarter Profits for Samsung
It is expected that, owing to its steady sales of Galaxy S7 and S7 Edge, Samsung Electronics is all set to surpass market expectations.
For the second quarter this year, the South Korean company is expected to post 8.1 trillion won or $7 billion in operating profits.
On Tuesday, giving a glimpse of the company's strong sales, Samsung Electronics said its second-quarter operating income increased seventeen percent as compared to last year. It's going to be the highest quarterly profit in last couple of years. All thanks to the strong sales of Samsung's Galaxy smartphones which pushed profit growth for its mobile business.
In its earnings forecast Samsung placed its operating income at 8.1 trillion won compared to last year's 6.9 trillion won. That's way ahead of analysts' forecast of 7.4 trillion won in operating income. Sales of the company grew three percent to 50 trillion won. However, the smartphone maker did not make available the breakdowns of its different business divisions or did not give figures for its net profit.
Samsung is the largest smartphone maker in the world along with other products like televisions, memory chips and display panels. It is expected that every division of the company will reflect strong results in the recent quarter.