Better outlook: A worker enters a room on the Samsung Electronics stand at the Mobile World Congress in Barcelona. More than a dozen brokerages have lifted forecasts for Samsung earnings since late March, encouraged by reports of better-than-expected sales of its Galaxy S7 models. — Bloomberg
SEOUL: Samsung Electronics Co Ltd flagged a 10% jump in quarterly profit – a sign of robust early sales for its new Galaxy S7 smartphones although doubts abound whether momentum can be maintained in the face of new rival offerings.
The South Korean tech giant’s estimate for first-quarter operating profit handily beat market forecasts and has boosted hopes that its struggling mobile business will post its first annual profit gain in three years, also benefiting from an improved performance for mid-to-low tier devices and cost-cutting efforts.
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