Galaxy S7 and mid-range phones likely boost Samsung’s profit

Samsung Electronics’ flagship Galaxy S7 smartphones and sales of its mid-range devices in emerging markets have likely helped the company boost its operating profit in the first quarter.

The South Korean company forecast Thursday that its operating profit for the quarter was likely to be 6.6 trillion won ($5.7 billion), an over 10 percent increase from close to 6 trillion won in the same quarter last year.

Revenue likely increased 4 percent in the quarter to 49 trillion won, according to the company’s guidance.

Samsung has been in the past sandwiched between Apple’s iPhone at the high end and products from Chinese vendors at the mid-range and low end. But its flagship Galaxy S7 and the curved-screen version, the Galaxy S7 Edge, launched commercially in March, appear to have made inroads into the high-end market.

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