Samsung has recorded an 18 per cent increase in its second quarter operating profit to 8.1tn won, equivalent to £5.46bn, on the back of a 57 per cent rise in operating profit at its mobile division to 4.3tn won.
Strong consumer demand for the Galaxy S7 and S7 Edge handsets has buoyed the electronics giant which anticipates continued increased demand for its smartphones and tablets through the second half of the year –particularly with a new large-format flagship waiting in the wings.
Despite this optimism Samsung warns that ‘market competition is expected to strengthen as other companies release new mobile devices’.
Samsung’s other consumer divisions also performed well with earnings growth in its electronics division although the television sector continues to be mired in decline.
By contrast arch-rival Apple has been hit by flagging interest in its iPhone range, suffering a 15 per cent decline in sales from April to June with the expectation that sales will continue to fall in the current quarter.