Samsung announces highest profit in 2 years

Samsung is expecting its second quarter operating profit to reach 8.1 trillion won (R103.3 billion), thanks to its smartphone business.

This is around 17% higher than its Q1 profit from last year, and the highest since it posted an 8.5 trillion won (R108.4 billion) profit in the first quarter of 2014.

Reuters reported that Samsung’s Galaxy S7 range of smartphones is likely the cause of the increase, since its mobile division was its top earner for the second straight quarter.

While sales of the S7 may slow in the second half of the year, Samsung said it should be able to maintain quarterly earnings of between 7 and 8 trillion won for the rest of 2016.

This is thanks to its chips business and the launch of the next Galaxy Note.

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Samsung announces highest profit in 2 years