Bolstered by surging sales of the Galaxy S7 and S7 edge, Samsung has announced its second quarter earnings for 2016, showing that profits, 8.14 trillion won ($45.2 billion), are up almost 18%, with revenue, 50.94 trillion won ($7.22 billion), also up by 5%.

These are big, big increases for Samsung - the biggest profit the South Korean company has made in over two years. This is no doubt thanks to, at least in part, a hugely profitable IT & Mobile Communications division, which has the smartphone department as part of that. Profit for the IM division was 4.32 trillion won ($3.83 billion).

Samsung also notes that the component business, manufacturing chips and displays, also saw solid performance, although profit was down 0.3 trillion won ($266 million) due to declines in the industry.

Because Galaxy S7 and S7 edge sales have been so encouraging, Samsung must be hoping for a good third quarter, saying "the release of a new large-screen flagship smartphone will help to maintain solid sales of high-end smartphones led by the Galaxy S7 and S7 edge." This, of course, is the Samsung Galaxy Note 7, which is scheduled for launch on Tuesday August 2nd.