Samsung Profit Beats Estimates, Fueled by Galaxy S7 Sales
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Samsung Electronics reported second-quarter profit that beat analysts’ estimates, fueled by stronger sales of Galaxy S7 smartphones and aggressive cost cuts.
Net income, excluding minority interests, was 5.83 trillion won ($5.1 billion) in the period, the Suwon, South Korea-based company said in a filing Thursday. That compares with the 5.64 trillion-won average of estimates compiled by Bloomberg. The company also announced a 1.79 trillion won share buyback, the final stage of a plan announced last year.
Samsung has benefited from sluggish sales of iPhones as U.S. wireless carriers promoted the Galaxy S7 for high-end consumers, helping to reduce marketing expenses. That could change in the second half as the company faces new models from Apple. Lower prices for semiconductors and displays has also helped sales of the company’s other consumer electronics, even amid sluggish economic growth across the globe.
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