Samsung's Profit Surges to 2-year high on Galaxy phone sales, Q2 Net Profit $5.2B

Samsung Electronics Co. reported Thursday forecast-beating earnings results that were the best in two years as consumers snapped up its Galaxy smartphones,

Second-quarter net profit rose 1.7% from a year earlier to 5.85 trillion Korean won ($5.2 billion), while operating profit rose 18% from a year earlier to 8.14 trillion won. Revenue increased 4.9% to 50.9 trillion won.

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Samsung, the world's largest smartphone maker,  Samsung’s mobile division saw its operating profit jump 57% in the second quarter from a year earlier to 4.32 trillion won, its best quarterly performance since the second quarter of 2014.Samsung estimates it shipped between 75.6 million and 78.3 million smartphones during the quarter,


The Galaxy S7 and S7 Edge smartphones drove the profit gain. The company launched the latest versions of its flagship smartphones in March, several weeks sooner than it did last year

Photo Credit: Samsung

Samsung beat forecasts even as growth in the overall smartphone industry slowed. Its rival Apple, the world's second-largest smartphone maker, is struggling to boost iPhone sales and reported a 27 percent quarterly drop in profits.

Samsung is scheduled to announce the latest iteration of its Note series, the Galaxy Note 7, featuring a giant screen and a stylus, on Aug. 2.