Samsung profit exceeds forecast on sales of S7 phones

Samsung Electronics reported second-quarter profit that beat analysts’ estimates, fuelled by stronger sales of Galaxy S7 smartphones and aggressive cost cuts.

Net income, excluding minority interests, was 5.83 trillion won (€4.63bn) in the period, the South Korea-based company said yesterday.

That compares with the 5.64trn won average analysts had forecast. The company also announced a 1.79trn won share buyback, the final stage of a plan announced last year.