Samsung reports 17% year-on-year increase in operating income in 2016 Q2

Samsung reports 17% year-on-year increase in operating income in 2016 Q2

In its 2016 second-quarter earnings preview released on Thursday, leading smartphone manufacturer Samsung Electronics has revealed that its operating income in the mentioned quarter recorded a 17 percent year-on-year increase.

According to Samsung, the 17 percent increase in operating income in the second quarter has helped the company record the highest quarterly profit in over two years. Samsung has attributed the increase to strong sales of its Galaxy smartphones which led to profit growth in the company’s mobile business.

Going by the statistics shard by Samsung in its 2016 second-quarter earnings preview, the operating income of the company in the reporting quarter was 8.1 trillion won ($7 billion). In the same quarter last year, the company had reported an operating income of 6.9 trillion won.

The operating income reported by Samsung for the 2016 second-quarter was considerably higher than analysts’ estimates. As per financial data provider FactSet, analysts had projected that the company’s second-quarter operating income would be 7.4 trillion won.

The 8.1 trillion won operating income reported by Samsung in the second quarter of 2016 marks the company’s best performance in nine quarters. It was back in the 2014 first-quarter that Samsung had last reported more than 8 trillion won in operating income; with the figures that time having touched 8.5 trillion won.

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