Samsung Electronics Co. reported its biggest operating profit in more than two years, bolstered by brisk demand for its Galaxy S7 smartphones, cost controls and sluggish iPhone sales.
Shares in the world’s largest maker of phones and memory chips rose after it reported operating income of 8.1 trillion won ($6.9 billion) in the latest quarter, exceeding the 7.38 trillion-won average of analysts’ estimates compiled by Bloomberg and 6.9 trillion won a year earlier.
The results underscore how the South Korean company is defying a slowdown in the smartphone market. Galaxy S7 models, which were timed to go on sale earlier than usual this year, have capitalized on a lull in new iPhones from Apple Inc. That, along with a healthy consumer electronics business, is helping to boost profit margins and make up for declining income in Samsung’s semiconductor business.
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