Samsung operating profit +12%, boosted by new Galaxy S7

Apr. 28, 2016 3:46 AM ETSamsung Electronics Co., Ltd. (SSNLF)SSNLF, SSNNFBy: Yigal Grayeff, SA News Editor
  • Samsung Electronics' (OTC:SSNLF) Q1 operating profit grew 12% to 6.68T Korean won ($5.84B) and its revenue 5.6% to 49.8T won as the company benefited from the early release of its flagship Galaxy S7 smartphones.
  • Operating profit at Samsung's mobile unit grew to 3.89T won from 2.74T won a year earlier, and the company expects the unit to continue growing this year, along with its home-appliance and TV businesses.
  • However, analysts are still wondering whether the smartphone market has run out of steam, with Fitch saying that the recovery in Samsung's handset division is likely to be short lived.
  • Shares closed -2.7% in Seoul. PR

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