Samsung’s reported second-quarter earnings indicate consumers are still willing to spend on innovative smartphones. This is a positive development after a forecast of slowing smartphone sales in years to come.
Samsung reports an overall 17 percent profit increase since last year. Their Q2 earnings reached $7 billion, the highest quarterly amount in two years. Along with a substantial profit increase, global investors have bid up Samsung shares by 20 percent.
Reports earlier this year projected for slowing smartphone sales because of increasing device lifecycles. While consumers may be waiting to update their devices, Samsung’s earnings indicate users are still willing to pay for premium features, such as waterproof devices.