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Samsung sees profit rise on sales of Galaxy S7

The South Korean company beats expectations thanks in part to strong sales of the Galaxy S7 and S7 Edge.

It appears Samsung's Galaxy S7 is still the phone to beat.

The world's largest smartphone maker on Wednesday reported its strongest earnings in two years, fueled in part by sales of Galaxy S7 and S7 Edge.

Samsung said net income rose 2 percent year over year to 5.85 trillion won ($5.1 billion) for the three-month period ending June 30. Analysts were estimating net income of 5.64 trillion won, according to Bloomberg. Revenue for the second quarter rose about 5 percent to 50.94 trillion won ($45 billion), Samsung said.

Despite a sluggish smartphone market overall, Samsung said operating profit for its mobile division rose to 4.32 trillion won ($3.8 billion) during the period. Strong sales of its high-end Galaxy S7 phones lead the way, the company said, but it was also bolstered by sales of its mid- and low-end phones.

Apple, Samsung's main rival, on Tuesday reported a continuing decline in iPhone sales.