Samsung Electronics announced its Q1 2016 results, showing that things are looking good for the tech giant. Despite the rest of the industry, including Apple, reporting a slump owing to poor sales, Samsung has successfully managed to ride the rough seas buoyed on the sales of its flagship smartphones, the Galaxy S7 and S7 edge.

While most experts agreed that the sales of its smartphones as well as the company's technological advancements in the semiconductor business with respect to its rivals would result in Samsung faring better than its competitors, there were many who believed that Samsung would face a soft blow.

Samsung, however, has not only exceeded analysts' expectations, but also its own. The company had predicted that it would earn KRW 49 trillion ($42.9 billion) in the first quarter of 2016, but its revenue, in fact, added up to KRW 49.78 trillion. The company also posted a profit of KRW 6.7 trillion ($5.84 billion), exceeding its predicted figure of KRW 6.6 trillion ($5.77 billion).

The commercial success of Galaxy S7 and S7 edge is a clear indicator of Samsung's delivery of a quality product. Its previous flagships were underperformers for almost three years straight. According to Reuters, the firm said that inventory levels for the Samsung Galaxy S7 and the S7 edge were low due to the steady sales of the products.

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Samsung's semiconductor business has also reportedly achieved "solid earnings" despite a general slowdown in market demand, which the company claims was due to the reduced costs of producing its NAND storage chips and DRAM chips. Additionally, its Display Panel business also suffered badly, posing an operating loss to the tune of KRW 0.27 trillion.

The company is certain of sustained growth in the following quarter and expects all its divisions to post better results.