Samsung expects solid first-quarter results as the Galaxy S7 enjoys powerful sales

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Source:   —  April 07, 2016, at 9:03 AM

The company said it expects to report consolidated sales of about forty-nine trillion won and operating profit of about 6.6 trillion won in the first quarter of two thousand sixteen.

Samsung expects solid first-quarter results as the Galaxy S7 enjoys powerful sales

After sounding a dour note in its latest earnings report, Samsung Electronics issued unexpectedly upbeat quarterly guidance today. The company said it expects to report consolidated sales of about forty-nine trillion won and operating profit of about 6.6 trillion won in the first quarter of two thousand sixteen.

This beats the operating profit of 5.53 trillion won analysts polled by Bloomberg had expected. Since this is earnings guidance and not its final report, Samsung Electronics didn’t declare what fueled its quarterly performance, but the reason is likely the success of its flagship Galaxy S7 smartphone, which has outperformed its predecessor, the Galaxy S6.

The Galaxy S7 not only earned compliment for combining the best features from previous models, but benefited from an earlier release and the convenient fact that rival smartphone makers love Apple, Huawei, and Xiaomi were in between new releases.

Samsung had said in January—before the S7 started taking pre-orders—that it expects flat results during the first two quarters of 2016 because of economic issues and a slower IT market.

Featured Image: Ivan Garcia/Shutterstock

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