Samsung post First-sector earnings on strong initial income of Galaxy S7

Samsung Post First-Quarter Profit on Strong Initial Sales of Galaxy S7

Tech massive Samsung Electronics Co Ltd said on Thursday that its first-quarter running income rose 12percentage from a 12 months earlier, propelled through robust initial income for its flagship Galaxy S7 smartphones.

The South Korean firm also stated its “solid overall performance” will maintain in April-to-June, striking aextra positive tone about prospects for its handsets and chips organizations regardless of extensivelyweaker demand for consumer electronics.

Samsung’s mobile division become the top earner for the first time in almost two years, way to better-than-expected income of Galaxy S7 devices, in a signal the world‘s top phone maker has righted itself after two years of shrinking earnings.

Boasting an advanced camera, waterproofing and microSD garage aid, Galaxy S7 models are on course to set a new first-12 months shipments document, boosting hopes the cellular enterprise will publish its first annual earnings gain in three years.

within the 2d zone, the company expects its stable performance to continue, led by using regularincome inside the mobile and semiconductor companies,” Samsung said in a assertion.

Samsung, in a regulatory submitting, stated January-March operating earnings become KRW 6.7 trillion ($five.eighty four billion), as compared with its earlier estimate of KRW 6.6 trillion. sales rose 5.7 percent to KRW 49.eight trillion, compared with its steering for KRW forty nine trillion.

earnings for the cellphone division increased forty two percent from a year in advance to KRW 3.ninetrillion, the very best due to the fact the second zone of 2014. Samsung stated it expects in additionincome boom for its Galaxy S7 gadgets in the 2nd quarter as well as from its mid-to-low tier merchandise.

marketplace researcher TrendForce says combined shipments for flat- and curved-screen S7 fashions willreach fifty two million with the aid of the 12 monthsend, surpassing the previous record of 47 millionunits by way of the Galaxy S4.

working income for the chip department fell 6 percent to KRW 2.6 trillion, undercut by way of pricedeclines for memory chips stemming from slower demand for merchandise inclusive of non-publiccomputers.

The company stated in a separate filing it will buy back KRW 2 trillion of its own stocks in the thirdinstalment of its KRW eleven.3 trillion buyback plan.

© Thomson Reuters 2016

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