South Korean profits grew significantly in the first quarter of 2016. Samsung's largest smartphone maker in the world saw 10% growth in its sales compared to the same period of 2015.
They expect to have a gross profit of 5,6 billions of dollars, since the company in 2015 did not exceed 5,1 billion. As reported in the BBC News, they have reached this number, probably because of sales of their new smartphone model, the Galaxy S7. South Korean analysts say Samsung Galaxy S7 sales exceeded expectations, with more than 10 million devices sold so far (well, we do not know yet if they also took into account Galaxy S7 Edge sales).
The company will report its full first quarter results later this month. Although it seems hard to believe this made the company, since in 2015 they have not achieved such a success. And there have been years in which Samsung did not record significant profits in smartphone sales, on the other hand it is a big competition for Chinese rivals Xiaomi and Huawei, while its biggest rival Apple, sold millions of iPhone 6 and 6 Plus, putting sales of Samsung smartphones under pressure. Samsung shares in Seoul closed at 1,25%.
