The first quarter of 2016 ended, and as it usually happens, many companies publish their financial results. Samsung announced its official earnings for the first quarter, which on an annualized basis the results increased by 5.7% in revenue and 12% growth in profit, thanks to Galaxy S7 success.
Samsung Electronics gained 49.78 trillion won (about $ 43.7 billion) in revenue during the first three months of this year, and operating profit of 6.68 trillion won (about $ 5.8 billion).
This largely contributed to the earlier launch of flagship smartphones Galaxy S7. The devices were presented at the end of February and is now available for order almost immediately. Moreover, the demand for Galaxy S7 was so high that the company can hardly satisfy the demand.
Samsung has also announced that optimization efforts in the low and middle segment also contributed to the increase in profits. The company managed to perfectly combine the release of the flagships and the reduction of countless more available devices to increase revenue.
Samsung said that its semiconductor business also saw higher revenues, although the first quarter is usually marked decrease in shipments. Similarly to the display business, despite the fall in demand for displays, OLED-panels sold well, mainly due to S7.
As for the consumer electronics department, he “achieved significant revenue growth year on year with an expanded sales of premium models, such as SUHD TV and TVs with curved screens in developed markets”.