Samsung’s Q2 earnings are in, sees highest profits in two years

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Samsung has posted its Q2 earnings for 2016, seeing some of its highest revenue in two years. Keep in mind that this is only second quarter earnings, and if Samsung is able to keep results like this up, the company will no doubt have some stellar end-of-year results.

Profits for this last quarter hit 8.14 trillion won ($45.2 billion in USD). That’s up almost 18%. Revenue also saw some good results, coming in at 50.94 trillion won ($7.22 billion), which is up 5%.

Samsung’s mobile division accounted for half of the company’s bottom line. Samsung’s Galaxy S7 and S7 Edge was and still is a huge success, so that’s not entirely surprising. The mobile sector itself brought in 4.32 trillion won ($3.83 billion) in profits with a revenue of 26.56 trillion won ($23.5 billion).

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Samsung’s component business was also fairly successful; however, profit was down by 0.3 trillion won ($266 million) because of declines in the industry.

The Korean tech giant is expecting to have a good third quarter as well. The hope is that the release of the Galaxy Note 7 will help continue to drive high-end smartphone sales:

“Samsung will focus on increasing smartphone sales under strong seasonality with the launch of a new model, while expecting marketing expenses to increase QOQ due to seasonality.”

Samsung is expected to launch the Galaxy Note 7 on August 2, with sales to open up immediately after the announcement.

source: Samsung Newsroom


About the Author: Brad Ward

Brad is a tech enthusiast, writing and tinkering with all things technology since 2011. He currently bounces between the LG G3 and his beloved Moto X! His interests include reading, entrepreneurship, the gym, and of course, queso.