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World

Samsung soars with 7 billion dollar earnings

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Opening sequence

World

Samsung soars with 7 billion dollar earnings

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COMING UP:Samsung soars with 7 billion dollar earnings

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00:00:02
>> South Korean tech giants SAMSUNG unveiling its best earnings in more than two years on Tuesday pocketing more than $7 billion in the second quarter. A welcome bounce back after the company took a beating from rivals Apple and Huawei last year. The companies mobile division made up half of it's April to June profits, up 18% from the year ago.
00:00:22
As Reuters Vincent Lee explains sales of the flagship Galaxy phones are driving up earnings.>> The S7 was a big success. They've made improvement based on what they missed with the S6. Including the fact that they just couldn't make enough of the curbed edge screen models to keep up with demand, that's been the best this year.
00:00:41
They have revamped their mid to low-tier products so the phones like the Galaxy A and J Series are selling much better, and they're getting better margins out of that. And that's basically contributing to the big jump.>> It's a strong showing from the world's largest smartphone maker, and it comes at a convenient time.
00:00:56
Apple is struggling to boost iPhone sales in key markets like China. An analyst say the next iPhone, set for launch in September, may not have many new features, potentially clearing the way from more Galaxy sales. Samsung's budget phones are seeing healthy sales in emerging markets like India. Shrugging off value brands like China Xiaomi even if they bets Samsung on price.
00:01:18
The company says it expect solid sales to continue into the second half of 2016 as strong demand for components like chips and display units. And it's also planning to roll out a new Galaxy Note phone tablet hybrid earlier than usual this year. Hoping to drum up hype and pick up the sale slack before the iPhone 7 hits the shelves.
00:01:37
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