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Samsung sees most profitable quarter in more than two years

Staff Writer | July 7, 2016
Samsung Electronics said that it expects operating profit for the second quarter to increase 17 percent year-over-year and sales to rise 3 percent.
Samsung Electronics
Samsung   Q2 operating profit to exceed the 8 trillion won mark
The company's second-quarter operating profit is likely to be its best in more than two years and also exceeding the 8 trillion won mark after it reported an operating profit of 8.5 trillion won in the first quarter of 2014.

The results are likely to reflect continued strong demand for the company's Galaxy S7 smartphone series. The operating profit forecast is above analysts' expectations. The company is scheduled to report its financial results for the first quarter in late July.

According to a regulatory filing, Samsung estimates operating profit for the second quarter to be about 8.1 trillion won, or about $7 billion, above analysts' expectations of 7.8 trillion won.

The forecast represents a 17.4 percent increase from the company's year-ago quarter operating profit of 6.9 trillion won, and also marks a 20.9 percent sequential increase from first-quarter operating profit of 6.7 trillion won.

Samsung projects second-quarter sales to increase 3.1 percent to about 50 trillion won from last year's sales of 48.5 trillion won. Sales are also seen to increase slightly from the previous quarter's sales of 49.8 trillion won.

Samsung did not provide earnings or sales figure estimates for each of its business divisions.