Thursday, July 7, 2016

Smartphones lift Samsung Electronics to Best Profit in Over Two Years


Tech giant Samsung Electronics Co Ltd said on Thursday its second-quarter operating profit likely rose 17.4 percent from a year earlier, its highest in more than 2 years as Galaxy S7 smartphone sales propelled mobile earnings.

The world's top maker of smartphones and memory chips said its April-June profit was likely 8.1 trillion won ($7 billion), better than the average forecast of 7.8 trillion won tipped by a Thomson Reuters survey of 16 analysts. It was the highest since a 8.5 trillion won profit in the first quarter of 2014.

The mobile division likely was the top earner for the second straight quarter, raising the question of whether the South Korean company can sustain this strong momentum in the face of competition from Apple Inc and cheaper Chinese rivals.

"At this point it appears unlikely that we'll see stronger competing devices emerging (in the second half)," IBK Asset Management fund manager Kim Hyun-soo said.

Read more.

No comments:

Post a Comment