Korean tech giant says Q1 success due to strong Galaxy S7 sales

folarin okunola

May 2, 2016 11:51 AM

The company announced its first quarter financial results last week with revenue for the quarter standing at $40 billion, highlighting a 5.7% increase year-on-year.

Samsung Galaxy S7 launch

Korean tech giant, Samsung, is attributing its Q1 success to the early launch and strong sales of its flagship Samsung Galaxy S7 and S7 Edge smartphones.

The company announced its first quarter financial results last week with revenue for the quarter standing at $40 billion, highlighting a 5.7% increase year-on-year.

Samsung's IT & Mobile Communication Division saw a sizeable increase in earnings year-on-year and quarter-on-quarter driven majorly by the early launch of its Galaxy S7 device and improved cost efficiency through the streamlining of mid-to-low-end device lineups.

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Apple, Samsung's main competitor in the mobile phone space, on the other hand, didn't have such a rosy outing.

The tech giant posted a quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, compared to last year's revenue of $58 billion and $13.6 billion net income.

Samsung expects its mobile division to secure solid earnings by expanding sales of the Galaxy S7 along with leveraging on mid-to-low-end products.

folarin okunola