Samsung Reported Profits of 6.68 trillion Beating Analysts’ Expectations
How is the global smartphone market translating for Samsung, sluggish or a comeback to glory?
With Galaxy S3's launch in 2012, Samsung, the South Korean company, got to be called the smartphone king. Its immense popularity helped Samsung to earn record profits in five straight quarters. But with subsequent launches, the smartphone fortunes of the company appeared gloomy as those could not ignite the same kind of excitement among the customers. The dropping sales numbers led Samsung to seven consecutive quarters of profit decline.
It seems that Samsung's latest flagship smartphone is taking the company in the right direction once more. On Wednesday, the electronics giant reported profits in the first-quarter which was 6.68 trillion won or $5.8 billion. That is a twelve percent jump year- on- year. It surpassed the average analysts' estimates of 5.53 trillion won.
The mobile division of the company is restoring its glory as the cash cow of the company earning an operating profit of 3.89 trillion won. Compared to last year's, same quarter, that's almost a forty two percent increase. The figures were the highest since 2014, Q2.
The company attributed a bigger part of the growth to strong Galaxy S7 and S7 Edge sales. Those were released in March mainly aimed to shoot back on the growing competition.
According to the company, it expects the trend to continue even in the next quarter.
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