Samsung has announced its financial results for the second quarter of 2017. The company has reported record profits.
Samsung reported revenue of KRW 61.00 trillion, an increase of KRW 10.06 trillion compared to the same period last year.
Strong Performance Driven by Galaxy S8 and S8+
Samsung’s earnings significantly increased QoQ driven by the strong sales of the Galaxy S8 and S8+ smartphones. The Galaxy S8 and S8+ have outsold the Galaxy S7 series in almost all regions, thanks to the new Infinity Display design and enhanced features including water and dust proofing and iris recognition. The overall product mix also improved as the sales proportion of the Galaxy S8+ accounted for over 50 percent of the total Galaxy S8 series.
However, despite the strong sales performance of premium smartphones, Samsung’s total smartphone shipments remained at a similar level QoQ, due to decreased sales of mid- to low-end products.
The company’s profits hit KRW 14.07 trillion, an increase of KRW 5.92 trillion on quarter two of 2016.
Factors Contributing to Record Profits
Several factors contributed to Samsung’s record profits in Q2 2017. The success of the Galaxy S8 and S8+ played a significant role, but there were other contributing elements as well. Samsung’s semiconductor division also saw substantial growth, driven by high demand for memory chips and processors. The company’s display panel segment benefited from increased sales of OLED screens, which are used in a variety of devices, including smartphones and televisions.
Additionally, Samsung’s home appliance and consumer electronics divisions performed well, with strong sales of premium products such as QLED TVs and high-end refrigerators. The company’s focus on innovation and quality across its product lines has helped it maintain a competitive edge in the market.
Moreover, Samsung’s strategic investments in research and development have paid off, leading to advancements in technology and product offerings. The company’s commitment to sustainability and corporate social responsibility has also enhanced its brand reputation, attracting more customers and investors.
You can find out more details about Samsung’s financial results for quarter two over at their website at the link below.
Source Samsung
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
