Samsung expects best quarterly results in two years
The electronics giant expects 17 percent increase in operating profit as strong sales of Galaxy S7 rejuvenate flagging mobile unit.
Samsung Electronics expects its operating profit for the second quarter to beat expectations, as strong sales of its Galaxy S7 continue to resuscitate the company's mobile unit.
The Korean Electronics giant expects to report an operating profit of 8.1 trillion won ($6.9 billion) for the three months ending June 30, a 17 percent increase from the year-ago period, according to guidance released Wednesday. The results would be the highest in two years and beat the average forecast of 7.8 trillion won that Thomson Reuters derived from a survey of analysts.
Revenue is expected to 50 trillion won in the quarter, a 3 percent increase over the year-ago period. The guidance, released today ahead of full earnings later this month, did not provide specific divisional results.
After battling declines in both smartphone sales and market share for the past two years, Samsung has seen a resurgence in sales of its flagship phones. Combined sales of the Galaxy S7 and S7 Edge are expected to hit 15 million units in the quarter, industry sources told the Korea Times last month.