South Korean giant Samsung is set to have its best quarterly profit in over two years following a strong surge in mobile sales propelled by its recently released Galaxy S7 smartphones.
Analysts have predicted a 13 percent increase in profit this second quarter from the same period in 2015. The predicted forecast for the tech giant’s Q2 earnings is $6.8 billion in operating profit, its highest since its $7.4 billion profit back in the first quarter of 2014.
Fund Manager Lee Jin-woo of KTB Asset Management said that the Galaxy S7 produced sales that exceeded its expected number. He estimates that the firm will have strong finishes in the remaining quarters of the year.
Samsung’s mobile division—its highest earning division—had a rough start in the year between Apple Inc. and Chinese rival Huawei Technologies, but bounced back with its Galaxy S7 earnings rebound.
Analysts said that Samsung shipped around 16 million Galaxy S7s in the second quarter alone. Poor sales offerings from rivals, Apple and LG electronics, have also helped in reducing marketing expenses for the world’s top maker of smartphones.
