2 years ago (2016-07-29 15:43:05)

Samsung's Profit Surges to 2-Year High on Galaxy Phone Sales

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Samsung Electronics Co. reported Thursday forecast-beating earnings results that were the best in two years as consumers snapped up its Galaxy smartphones, in a sign the company is getting its mojo back while rivals fail to deliver new smartphones. The South Korean company forecast that its performance will continue to be "solid" during the rest of the year because demand for its lucrative components, such as high-end displays called Oled that are used as screens for premium smartphones, is expected to increase "substantially." It expects to spend more, however, on mobile marketing of its upcoming large-screen smartphones, to be announced next week, which Samsung typically uses to distract consumers from new iPhone launches by Apple.

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