Samsung Profits Soar Due to Galaxy S7 and S7 Edge Demand

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Samsung has posted 2nd quarter 2016 financial reports. According to it, Samsung has seen a huge growth in its Mobile sector due to high demand of Galaxy S7 and S7 Edge.

samsung profit q2 2016Samsung has posted an operating profit of $7.22 billion (8.14 trillion won) in Q2 2016, up 18% from the same period a year ago. Overall revenue was $45.1 billion (50.94 trillion won), a 5% increase from Q2 2015.

Samsung’s mobile division accounts for more than half of its revenue and profit. The recent popularity of its Galaxy S7 smartphone and mid-to-low-end product lineup have worked as a strategy to boost its entry in the world’s overly saturated smartphone market.

Looking ahead to the second half of 2016, the company expects its solid performance to continue compared to the first half. It is going to be mainly driven by earnings increase in the mobile division and components business.

Samsung says it expects to maintain solid sales through the third quarter with the launch of “a new large-screen flagship smartphone;” the Galaxy Note 7 will be announced on Tuesday.