Samsung Reports Best Quarter in Two Years
Samsung Electronics estimates that it generated 8.1 trillion Korean won ($7 billion) in operating profit for the second quarter. That is a 17 percent year-over-year increase and Samsung's most profitable quarter in two years. Revenue is expected to be about 50 trillion won, a 3 percent year-over-year increase.
Much of that good financial news is due to excellent sales of the company's Galaxy S7 smartphone. Mehdi Hosseini, an analyst for Susquehanna Financial Group, says that the firm likely shipped 78 million smartphones during the quarter. Hosseni added that Galaxy S7 features like curved edges and mobile payments, both of which first appeared in the Galaxy S6, "are now being accepted by consumers."