Samsung’s Galaxy S7 and S7 Edge have boosted its profits to the highest levels the company’s seen in more than two years. The company reported that its second-quarter revenue hit 50.9 trillion won, or $45.2 billion. That’s a 4.9 percent jump from this time last year.
The South Korean giant’s overall operating profit in the April through June quarter was 8.1 trillion won, or $7.17 billion, which matches the earnings guidance it reported earlier this month. That’s up 18 percent from a year prior, but the hallmark is its mobile division, which raked in 4.32 trillion won, or $3.82 billion. That’s the best quarterly performance since the second quarter of 2014.
Samsung says “a streamlined mid-to-low-end smartphone lineup also contributed to improved profitability.” Samsung has been looking to cut down on the number of budget devices it makes, and that seems to have helped cut costs. Still, in the earnings call the company says it will launch the Galaxy C series as an exclusive for China.
According to the New York Times, Samsung’s smartphone shipments during the second quarter are estimated to sit between 75.6 million and 78.3 million. An impressive number that’s almost double what Apple shipped in the same time frame.
While Apple has been struggling to improve iPhone sales — it shipped 40.4 million units — Samsung’s newest devices have been outselling the Cupertino company’s iPhone 6S/6S Plus for the first time in the U.S. For the second half of the year, the Korean giant expects “solid performance” to continue compared to the first half.
The release of the company’s “next big thing” might help, too. Samsung is expected to unveil the Galaxy Note 7 phablet on Tuesday, August 2. Here’s everything we know about the device so far.