Samsung reported its best earning results in two years on Thursday as the company's Galaxy S7 phones outperformed all expectations, despite slowing growth in the overall smartphone industry (via The New York Times).

The South Korean company announced a 8.14 trillion won ($7.22 billion) operating profit on revenue of 50.94 trillion won ($45.2 billion), up 18 percent from the previous year.

samsung_logo
The firm's key mobile division, which accounts for more than half its revenue, experienced "substantial earnings improvement" as its high-end Galaxy S7 and S7 Edge phones enjoyed expanded sales, despite competition from Apple's iPhones and by lower-end devices from Chinese rivals like Xiaomi and Huawei.

Samsung forecast "solid" performance for the rest of the year despite increased competition as "other companies release new mobile devices", thanks to strong demand for its components, such as OLED displays, which the company expected to increase "substantially".

The company is also betting on an uptick in revenue generated by next week's unveiling of its Galaxy "Note 7" smartphone, which is thought to feature an edge-to-edge curved screen, an iris scanner, and potentially a USB Type-C port.


The good news for Samsung came two days after its arch-rival Apple revealed its second consecutive year-on-year declines in quarterly revenue and iPhone sales, although the reported dips were smaller than analysts predicted.

In stark contrast to the marked popularity of Samsung's high-end devices, Apple's lower-cost iPhone SE was the bright spot in the Cupertino company's earnings call, gaining more traction than expected and going some way to soothe investor's concerns over growth.

Prior to the earnings call, Apple stock had lost more than a fifth of their value over the year amid mounting concerns about the slowdown. Despite worries, Apple's shares jumped as much as 7.5 percent on news of its Q3 results, as investors remained optimistic in the run-up to the company's iPhone 7 launch this September.

According to a recent report by Kantar Worldpanel, Samsung’s Galaxy S7 devices accounted for 16 percent of mobile purchases made by U.S. customers this year, while only 14.6 percent opted for an iPhone 6S or iPhone 6S Plus.

Growth in the smartphone industry will slow to 3.1 percent this year, down from 11 percent last year and 28 percent in 2014, according to researcher IDC.

Tag: Samsung

Top Rated Comments

Benjamin Frost Avatar
72 months ago
Samsung is becoming the new Apple.

How times have changed.
Score: 19 Votes (Like | Disagree)
Dilster3k Avatar
72 months ago
Wow Samsung, now you're even copying Apple's sales.... Jeeeeeez
Score: 15 Votes (Like | Disagree)
Pagemakers Avatar
72 months ago
Who cares about Samsung?
I bet Nokia said that 10 years ago!
Score: 14 Votes (Like | Disagree)
BvizioN Avatar
72 months ago
Then Samsung appears to be doing something right!
Score: 11 Votes (Like | Disagree)
TechZeke Avatar
72 months ago
From all the reviews, Samsung made an excellent phone, and they were rewarded. This used to be what Apple understood. Make the best product you can make, and profits will follow.
Score: 11 Votes (Like | Disagree)
Chupa Chupa Avatar
72 months ago
It's irritating how good Samsung phones are. I can't switch from iOS because I rely too much on its services so I can only look on with envious eyes.
Freaks me out a bit to admit it, but yes. I'm not as reliant on services, but I am lazy in that I have my iOS devices set up perfectly for me and don't want to have to configure a whole set of new devices. Plus I do like the fact that iOS apps are sandboxed and given some scrutiny for "safety."

That said I don't think any Apple fan, or executive, can dismiss Samsung as in the recent past. It's just not credible anymore. And Samsung seems a bit more serious about it's smart home initiative too, something else that should worry Apple if it wants to be the hub of people's living rooms, as well as their pockets.

And with the iPhone 7 looking like a unappealing placeholder until Apple can get its act together for its top 2017 model, the Galaxy 7 just may hold the title as the most advanced phone on the planet and use it as an opportunity to steal less Apple service reliant users.
Score: 10 Votes (Like | Disagree)

Popular Stories

airpodsinear 1

AirPods Save Woman's Life With Feature Everyone Should Know

Friday January 21, 2022 2:13 am PST by
Apple's AirPods have been credited with saving a woman's life after a potentially fatal fall, People reports. When a 60-year-old florist in New Jersey tripped and hit her head in her studio, she lost consciousness and awoke heavily bleeding. With nobody around to call for help, she realized she had her AirPods in, and used a "Hey Siri" command to call 911. An operator was able to stay on the ...
maxresdefault

Review: M1 Max MacBook Pro After Three Months

Wednesday January 19, 2022 11:30 am PST by
It's now been a few months since the M1 Pro and M1 Max MacBook Pro models launched in October, and MacRumors video editor Dan Barbera has been using one of the new machines since they debuted. Over on the MacRumors YouTube channel, Dan has shared a three month review of his MacBook Pro to see how it has held up over time and how it's changed his workflow. Subscribe to the MacRumors YouTube ...
iphone se 2020 top

New iPhone SE Likely to Launch in April Based on Production Timeframe

Wednesday January 19, 2022 6:44 am PST by
Apple suppliers will begin producing display panels for the third-generation iPhone SE this month, with final assembly of the device likely to start in March, according to information shared by display industry consultant Ross Young. Based on this production timeframe, Young believes the third-generation iPhone SE is likely to launch in the second half of April, or perhaps in early May at...
iphone 13 earpods

Apple to Stop Including EarPods With Every iPhone Sold in France From Next Week

Friday January 21, 2022 3:21 am PST by
Apple will no longer include EarPods with every iPhone sold in France, starting on January 24, according to a notice posted by a French carrier (via iGeneration). Apple was previously required to include EarPods in the box with the iPhone due to a French law that required every smartphone sold in the country to come with a "handsfree kit," but the law has now been changed in favor of reducing the ...
Spring 2022 Apple Products Feature

New iPad Air, Macs, and iPhone SE With 5G Likely to Be Announced at Apple Event This Spring

Thursday January 20, 2022 8:32 am PST by
Earlier this week, Bloomberg's Mark Gurman tweeted that Apple "will be holding a spring event" to announce a new iPhone SE and other hardware. In a recent edition of his newsletter, Gurman said the event is likely to occur in March or April. Gurman did not elaborate on what "other hardware" will be announced at Apple's purported spring event, but rumors suggest at least four products are...
peloton tv workout cardio

Apple Floated as Potential Buyer of Peloton

Friday January 21, 2022 6:11 am PST by
Following months of bleak news about Peloton's "precarious state," including the revelation that it has halted production of its bikes and treadmills, Apple is being floated as a potential buyer of Peloton's troubled fitness business. Yesterday, CNBC reported that Peloton will temporarily stop production of its connected fitness products due to a "significant reduction" in consumer demand, a ...
apple watch series 7 aluminum colors yellowbg

Apple Watch Charging Bug Fixed in watchOS 8.4 Release Candidate

Thursday January 20, 2022 4:01 pm PST by
The watchOS 8.4 release candidate that was seeded to developers and beta testers this morning addresses an ongoing bug that could cause some Apple Watch chargers not to work properly with the Apple Watch. Back in December, we reported on a growing number of charging issues that Apple Watch Series 7 owners were facing. Since watchOS 8.3, there have been a number of complaints about...
appleprivacyad cleaned

iOS 15 Patched Security Hole That Potentially Exposed Users' Private Apple ID Information to Third-Party Apps

Thursday January 20, 2022 3:32 am PST by
Apple patched two significant security vulnerabilities when it released iOS 15 that could have potentially exposed users' private Apple ID information and in-app search history to malicious third-party apps and allowed apps to override user Privacy preferences, Apple has revealed in a recent support document update. With most iOS, macOS, tvOS, and watchOS updates, Apple provides a list of...
safari icon blue banner

macOS Monterey 12.2 and iOS 15.3 Release Candidates Fix Safari Bug That Leaks Browsing Activity

Thursday January 20, 2022 1:30 pm PST by
The macOS Monterey 12.2 and iOS 15.3 release candidates that came out today appear to address a Safari bug that could cause your recent browsing history and details about your identity to be leaked to malicious entities. As shared last week by browser fingerprinting service FingerprintJS, there is an issue with the WebKit implementation of the IndexedDB JavaScript API. Any website that uses...