Tuesday's big financial news was Apple's revenue decline for the first time since 2003. Specifically, Apple's numbers were $50.6 billion and net quarterly profit of $10.5 billion, compared to $58 billion and net quarterly profit of $13.6 billion just a year ago. After looking at Samsung's recent financial report from early this morning (late yesterday), it appears Apple's loss was Samsung's gain.
Samsung reported that their revenue was up 5.7% year over year and their profit was also up 12%. Samsung attributes part of this big boost to “the early launch and successful sales of the flagship Galaxy S7 and S7 edge, improved memory product mix, expanded 14nm supply of System LSI products and increased sales of OLED panels.”
For all of the gritty fiscal details, here's Samsung's presser: Samsung Electronics Announces First Quarter Results
