Samsung profit tops estimates on S7

Samsung Electronics Co reported second-quarter profit that beat analysts' estimates, fueled by stronger sales of Galaxy S7 smartphones and aggressive cost cuts.

Net income, excluding minority interests, was 5.83 trillion won ($5.1 billion) in the period, the Suwon, South Korea-based company said in a filing on Thursday.

That compared with the 5.64 trillion won average of estimates compiled by Bloomberg. The company also announced a 1.79 trillion won share buyback, the final stage of a plan announced last year.