However the company is warning that it did not do as well as it expected as a supply shortage plagued its latest smartphone launch and tepid demand from key markets likely undercut sales.

Operating profit for the second quarter likely fell 4 percent from a year earlier to $6.13 billion which is its best profit in four quarters but also the seventh straight period of annual decline.

The company is doing its best to restructure and it seems that the it might have turned things around. However it can't be happy that it has sorted itself out

Revenue for the quarter would fall 8.3 percent from a year earlier and the fifth consecutive quarter of annual decline. The company gave no other specifics and is expected to report its full results in late July.

While the Tame Apple Press has been claiming that the figures mean doom for everyone, including its favourite phone maker, shareholders have clearer heads.

Samsung shares had jumped 2.1 percent and outperforming a 0.3 percent decline for the broader market .KS11 as investors appeared to breathe a sigh of relief that the guidance was better than analysts' worst fears.

Samsung's annual profit is expected to rebound this year from a three-year low in 2014, but its shares have languished in recent months amid doubts about sales of its new Galaxy S6 smartphones.

A failure to make enough curved-screen S6 edge models to meet demand likely hurt mobile-related earnings, analysts believe.

Apple's favourite news agency Reuters made the bizarre claim that Samsung was screwed because it may be too late to fully capitalize on a lull in competition for new high-end devices ahead of the launch of the latest Apple iPhones, expected as early as September.