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  • 07.07.16

Samsung has its best profits in two years

The company announced that its second-quarter operating profit rose 17.4% from a year earlier, Reuters reports. Profit for the quarter was 8.1 trillion won ($7 billion). The reasons for its success, says Reuters:

Samsung’s smartphone business shrank last year as Apple grabbed market share at the high end with its iPhone 6, and Chinese rivals like Huawei Technologies Co Ltd [HWT.UL] did well in the budget segment.
Things turned around this year, with the success of the Galaxy S7 and margin improvements from a more streamlined product lineup putting the business on track for its first annual profit growth in three years.

MG