Riding on the back of strong smartphone sales, Samsung expects the second quarter of 2016 to be its most profitable 3-month period in two years. The company's initial earnings report notes profit is estimated to be at $7 billion with revenue of $43 billion. Analysts had predicted less profit.

Given those figures, Q2 2016 will be Samsung's best quarter since Q1 2014. The high revenue and profit numbers can be attributed, in part, to the Galaxy S7 and Galaxy S7 Edge.

Sales numbers for those phones have yet to be revealed, but it's estimated Samsung has shipped 10 million S7 units so far.