Galaxy S7 sales push Samsung to record profits

The South Korean-firm has just had its best-ever quarter...

Galaxy S7 sales push Samsung to record profits

Ahn Young-joon / AP

Samsung has reported its strongest-ever set of quarterly results following impressive Galaxy S7 sales, and aggressive cost-cutting.

Sales climbed to 50.94tn won (€41bn) while operating profit came to 8.14tn won (€7.3bn).

The company shipped close to 80 million smartphones during the quarter - about twice as many as Apple did as its flagship iPhone 6 comes to the end of its life cycle. Samsung phones accounted for almost a quarter of all smartphone sales during the three months.

Operating profit in the company's mobile division jumped by 57% when compared to the same quarter last year.

Lee Kyeong-Tae, vice president of the phone division commented on the performance:

"We will be implementing very active marketing activities in the second half to drive up actual purchases and through this, we plan to continue to maintain overall sales of our premium handsets."

He expects Samsung phones to keep selling ahead of the iPhone 7 launch: "Given the fact that we plan to launch a large screen flagship model combined with the maintained S7 prices, we expect the average sales price in the third quarter to improve."

Lower prices for displays and semiconductors also helped the company's sales to continue to grow while facing challenging economic conditions.

The company also announced a 1.79tn won share buyback.