Samsung back on form courtesy of Galaxy S7 hit
Samsung has posted a set of strong first quarter results driven by the success of its top of the line Galaxy S7 branded smartphone line-up.
The popularity of these devices contributed to a 12 per cent growth in operating profit from the same point in the calendar as last year to 6.68tn won, with quarterly revenues rising to 49.78tn won, a 5.7 per cent year on year uplift.
This stands in sharp contrast to the latest batch of figures to be released by arch-rivals Apple, which saw the first decline in iPhone sales for 13 years in its own results for the second quarter.
Samsung also attributes its turnaround to a decision to reduce its volume of low to mid-end smartphones, reducing its production costs in the process. It also benefitted from growth in its semi-conductor business which turned in a 2.63tn won operating profit this quarter on revenues of 11.15tn won.