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Galaxy S7 sales boost Samsung profit

Business

Tech giant Samsung Electronics Co Ltd says its first-quarter operating profit rose 12 per cent from a year earlier, propelled by strong initial sales for its flagship Galaxy S7 smartphones.

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The South Korean firm also said its “solid performance” will continue in April-to-June, striking a more optimistic tone about prospects for its handsets and chips businesses despite broadly weaker demand for consumer electronics.

Samsung’s mobile division was the top earner for the first time in nearly two years, thanks to better-than-expected sales of Galaxy S7 devices, in a sign the world’s top smartphone maker has righted itself after two years of shrinking profits.

Samsung, in a regulatory filing, said January-March operating profit was 6.7 trillion won ($A7.70 billion), compared with its earlier estimate of 6.6 trillion won. Revenue rose 5.7 per cent to 49.8 trillion won, compared with its guidance for 49 trillion won.

Profit for the smartphone division increased 42 per cent from a year earlier to 3.9 trillion won, the highest since the second quarter of 2014. Samsung said it expects further sales growth for its Galaxy S7 devices in the second quarter as well as from its mid-to-low tier products.

Reuters

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