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Samsung posts 13.4% rise in Q1 net profit

The strong Galaxy S7 (pictured) performance came in the face of a flattening global smartphone market that saw arch-rival Apple report its first-ever drop in iPhone sales since launching the iconic handset

Samsung Electronics, the world's largest smartphone maker, reported Thursday a 13.4-percent on-year rise in net profit for the first quarter, on strong sales of its new flagship Galaxy handset.

Net income for the January-March period stood at 5.25 trillion won ($4.56 billion), up from 4.63 trillion won in the same quarter last year, the company said in a regulatory filing.