Samsung Electronics Co Ltd Expects Higher Profits in the Second Quarter
On Wednesday, Samsung Electronics Co Ltd posted its January-March profits which were the highest in the last three quarters. The main reason for its good performance is attributed to the sturdy demand of its Galaxy S6 flagship smartphones that has been newly launched in the market. The company said that it expects the second expects earnings to increase too.
After a brief halt, the South Korean mobile company revamped its design and that surely appears to pay dividends with greater sales and demand. Researcher Strategy Analytics say that the renewed designs made Samsung the top smartphone maker surpassing Apple Inc. in the first quarter.
Park Jin-young, Vice President of Samsung said in a conference call, "Galaxy S6 sales have been going as well as expected, while demand for the Galaxy S6 edge have been better than anticipated."
Keeping in line with its guidance of its projected 5.9 trillion won profit, Samsung reported an operating profit of six trillion won which is approximately $5.64 billion.
In recent weeks the shares of Samsung dropped owing to the concerns over the slow sales of Galaxy S6 phones, since April 10. On Wednesday, executives also reassured the investors that the scale of sales was strong till.
New Zealand News
- What Does Phasing Out Cheques Tell Us About Finance in New Zealand?
- South Korean casino operator GKL closes third casino amid soaring cases of COVID-19
- Top Live Casinos in India and Pure Casino Signup Offer
- Independent MP Justin Field making efforts to prevent NSW from compensating Crown Resorts
- President-elect Biden’s Climate Plan to provide big boost to EVs and green power