Samsung achieves above expectation Q1 growth, thanks to Galaxy S7/S7 edge

Samsung has announced its Q1 2016 financial results, revealing a 5.7% increase in overall revenue and 12% increase in operating profit.

The figures stood at KRW 49.78 trillion ($43.46 billion) and KRW 6.68 trillion ($5.83 billion), respectively, ahead of the KRW 49 trillion ($43.3 billion) revenue and KRW 6.6 trillion ($5.7 billion) operating profit the company's earnings guidance had suggested.

"The first quarter saw overall earnings growth led by the early launch and successful sales of the flagship Galaxy S7 and S7 edge," the South Korean company said, while also attributing the growth to "improved memory product mix, expanded 14nm supply of System LSI products and increased sales of OLED panels."

ALSO SEE : Moto X (2016) hits benchmark test with Snapdragon 820 and 4GB of RAM

Samsung's mobile division posted KRW 27.60 trillion ($24.12 billion) in consolidated revenue, up 6.6% year-on-year, and KRW 3.89 trillion ($3.4 billion) in operating profit, an year-on-year increase of 42%. This was the division's strongest performance in nearly a couple of years.

"As for the year ahead, Samsung anticipates softening demand in the smartphone market and negative growth in the tablet market," the company said, adding that it "will reinforce its leadership in the premium smartphone segment on the back of the Galaxy S7 and S7 edge, while continuing to increase volume and improve profitability in the mid-to-low-end segment."