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Samsung profit hits 2-year high on improved smartphone sales www.asia.nikkei.com
SEOUL -- Samsung Electronics's operating profit rose to its highest level in about two years, thanks to continued improvement in its smartphone sales.
The South Korean electronics giant said in a preliminary report on Thursday that it logged 8.1 trillion won ($7 billion) in operating profit for the three months through June, up 17% on the year. That was the fourth consecutive quarter of rises and the highest profit since the first quarter of 2014.
The numbers were helped by brisk sales of Samsung's mainstay Galaxy S7 smartphone, which came out in March. Sales rose 3% in the latest quarter to 50 trillion won, while the operating profit margin on sales stood at 16.2%. According to survey by QUICK-FactSet, the average analyst forecast was for an operating profit was 7.4 trillion won on sales of 51 trillion won.
Earnings by segment will be published later in the month, along with revised figures.
The better-than-expected second-quarter numbers sent Samsung Electronics higher on the Korea Exchange on Thursday morning. After a slow start, the stock gained momentum, briefly hitting 1.45 million won, up 29,000 won, or 2%, from Wednesday's close.
On July 1, Samsung shares hit a year-to-date high, matching the level last seen in April 2015, buoyed by hopes for strong second-quarter earnings.
NQN staff writer Atsushi Otani in Hong Kong contributed to this article.
Published Date:2016-07-07
