Samsung Electronics delivered strong results for the first quarter of 2016, thanks to sales of the Galaxy S7 and S7 Edge, its flagship smartphones.
The company’s operating profit grew 12 percent from the same period last year to 6.68 trillion (about $5.84 billion). Quarterly revenue was 49.78 trillion won, up 5.7 percent year-over-year. The final results were slightly better than Samsung’s own upbeat guidance, which it issued earlier this month.
The S7’s sales were helped by better pricing and an earlier release before competitors like Apple had unveiled their latest smartphones.
Samsung’s first-quarter results stand in contrast to Apple’s disappointing second-quarter report yesterday, when it posted its first decline in 13 years and a decline in iPhone sales for the first time ever. But to be fair, Samsung had about two years of almost unremittingly blah quarterly results before it finally got a break.
During that time period, Apple hit very high highs, including a first-quarter 2015 that broke records for the highest quarterly results ever posted by any company. In contrast, Samsung suffered as other Android smartphone makers wooed consumers away, especially in key growth markets like China and India.
(Source: Tech Crunch )