S7 sees Samsung revenues soar 4.9pc to £34bn

Profits at the South Korean manufacturer’s handset division grew 57 per cent year-on-year to 4.3tn won (£2.9bn)

Samsung saw its Group revenues grow by 4.9 per cent to £34 billion during its second quarter, driven by a 57 per cent spike in sales at its mobile division.

The Korean manufacturer posted operating profits of £5.46 billion, up 18 per cent on Q2 2015.

Samsung said sales of its Galaxy S7 and S7 edge flagships, launched at Mobile World Congress in February, plus lower tier devices like the Galaxy A and J series, saw its mobile and IT division increase by 500 billion won (£336 million). Profit at the devices division were up 57 per cent year-on-year to 4.3tn won (£2.9 billion).

Samsung also predicted a further increase in sales in Q3, although it forecasted higher marketing costs as it looks to combat the next iPhone, expected to be launched in September.

Earlier this week, Apple unveiled falling iPhone sales for the second consecutive quarter. Apple sold 40 million iPhones, down 15 per cent year-on-year.

Samsung is also expected to unveil new devices in Q3. The manufacturer is holding an Unpacked launch event on August 2, where it is expected to take wraps of the new Galaxy Note.