Samsung's profit gushes with 2-year high on Galaxy Smartphone Sales

Samsung doesn't explicitly say how many units it's sold; estimates in South Korean media last month said the S7 and S7 Edge were approaching a lifetime sales number of 25 million units.

Samsung late Wednesday said that its mobile unit accounted for more than half of its approximately $45.2 billion in revenue and its $7.22 billion in profit.

The display panel division posted a 140 billion-won operating profit in the second quarter, turning around from a 270 billion-won operating loss in the previous quarter. Demand for chips and display panels are expected to be strong due to the launches of new smartphone models from Samsung and Apple.

Samsung's second quarter financial report of 2016show that the company has been able to surpass its projected profits thanks to the high sales of Galaxy 7. Apple shipped 40,4-million units in 2Q16, which marked the lowest quarterly volume in seven quarters, despite the mid-cycle introduction of the iPhone SE. The new models proved to be the right mix of style and features and helped Samsung grow profits in the quarter.

Samsung Electronics Co yesterday reported forecast-beating earnings results that were the best in two years as consumers snapped up its Galaxy smartphones in signs of a revival in its mobile phone business.

The giant South Korean conglomerate said its key mobile division enjoyed "substantial earnings improvement" in the April-June period led by expanded sales of its high-end Galaxy S7 and S7 Edge phones.

"Profit at its mobile unit may dwindle a bit in the third quarter, but Samsung will again bring out its next Note device earlier than past year to battle it out".

This was achieved not only by finding more buyers than before but through improving cost-effectiveness on the Galaxy S7.

The company expects its smartphone sales to further increase in the third quarter as well.

International Data Corporation disclosed Thursday that smartphone volumes were relatively flat in the second quarter marking the second consecutive quarter without growth. Also, its low-end smartphones, Galaxy J and A series, did a good job as well. Analysts believe that Apple will unveil a series of multiple products next year, which will help the company to muster bigger share in the global smartphone market.

The world's second-largest smartphone maker and its competitor, Apple is struggling to boost iPhone sales.

Source: Samsung's profit gushes with 2-year high on Galaxy Smartphone Sales

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