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Samsung Profits Jump 17%

Samsung Profits Jump 17%Samsung Profits Jump 17%

Samsung’s overall profits have jumped by 17% year–on–year, with the company making $7 billion between April and June. The huge improvement is believed to be down to its Galaxy S7 and Galaxy S7 Edge smartphones, which were released in March. Both handsets received huge critical acclaim and are widely regarded as the best smartphones available right now, Reuters reported. Samsung has yet to release detailed breakdowns of which divisions within the company made the most money during the second quarter, but it’s widely expected that the mobile division has been the most successful. A number of market watchers believe Samsung’s mobile profits rose by 54.5% year–on–year. Analysts claim that Samsung sold around 78 million smartphones during the quarter. Official figures will be revealed at the end of July. It’s a remarkable turnaround for a firm that was predicting doom and gloom a year ago, as it struggled to cope with the runaway success of Apple’s iPhone 6. Instead, Apple is now having to face up to declining iPhone sales.

 

Financialtribune.com