Galaxy S7 success pushes Samsung profits up 10%

Samsung is expecting a 10% rise in operating profit as it released preliminary financial results for Q1 2016.

Ahead of formally announcing its January-to-March financial performance, the South Korean consumer tech giant has said it reached sales figures of roughly KRW 49 trillion (£30bn)in Q1, with an OP of KRW 6.6tn (£4bn) – up from KRW 6.0tn on a like-for-like basis with 2015.

Various reports have suggested the expected year on year rise in Q1 operating profit stems from its latest smartphone, the Galaxy S7, exceeding sales expectations. It has been forecasted the new model, along with the S7 Edge, has sold 9.5 million units – 2.5 million more than predicted. Samsung will disclose its performance for the quarter in full at its financial results call later this month.

In other news, dedicated site Sammobile has reported Samsung is developing a smart contact lens, allegedly coinciding with a trademark taken out in Korea and the US for the product name “Gear Blink”. The patent itself is from late 2014 but underlines an intention to develop a vision-based wearable that’s distinct from smart-glasses a la Google. According to Sammobile, the patent outlines a contact lens fully equipped with an antenna for connectivity, camera, motion detecting sensors and the capability to display information to its wearer.