SEOUL, July 7 (Korea Bizwire) – South Korea’s top tech firm Samsung Electronics Co. estimated Thursday that its second-quarter operating income increased more than 17 percent from a year earlier on the back of robust sales of its flagship smartphones such as the Galaxy S7 series.
Operating profit is estimated at 8.1 trillion won (US$6.98 billion) in the April-June period, up 17. 39 percent from the 6.9 trillion won posted a year earlier, the world’s top smartphone maker said in a regulatory filing.
The estimate breaches the 8 trillion won mark more than two years after it posted 8.5 trillion won profit in the first quarter of 2014, and is far above the previous market forecast.
Market consensus for the operating income of Samsung for the April-June period was at 7.32 trillion won, according to data compiled by industry tracker FnGuide.
Samsung said its second-quarter sales are also forecast to have reached 50 trillion won during the cited period, also up 3 percent from 48 trillion won a year earlier.
Samsung did not offer a net profit estimate for the second quarter. Its finalized earnings will be announced later this month.
Shares of Samsung Electronics closed at 1,421,000 won Wednesday on the main bourse, plunging 3.27 percent from the previous session, while the KOSPI surrendered 1.85 percent. The guidance was released before the local stock market opened on Thursday.