Samsung records better-than-expected Q1 growth thanks to Galaxy S7/S7 edge

Samsung has announced its Q1 2016 financial results, revealing a 5.7% increase in overall revenue and 12% increase in operating profit.

The figures stood at KRW 49.78 trillion ($43.46 billion) and KRW 6.68 trillion ($5.83 billion), respectively, ahead of the KRW 49 trillion ($43.3 billion) revenue and KRW 6.6 trillion ($5.7 billion) operating profit the company’s earnings guidance had suggested.

<led by the early launch and successful sales of the flagship Galaxy S7 and S7 edge,>> the South Korean company said, while also attributing the growth to <OLED panels.>>

Samsung’s mobile division posted KRW 27.60 trillion ($24.12 billion) in consolidated revenue, up 6.6% year-on-year, and KRW 3.89 trillion ($3.4 billion) in operating profit, an year-on-year increase of 42%. This was the division’s strongest performance in nearly a couple of years.

<> the company said, adding that it <leadership in the premium smartphone segment on the back of the Galaxy S7 and S7 edge, while continuing to increase volume and improve profitability in the mid-to-low-end segment.>>