Daily US Times: Samsung Electronics has reported record revenues of $59bn in its third quarter.
The Korean tech giant’s strong revenues were fuelled by a 50% jump in its smart phone sales, while profits from microchips rocketed 82%.
Samsung posted a third quarter net profit of $8.3bn, a 49% increase over the same period last year.
The firm’s mobile and chip businesses were likely boosted by US sanctions against its Chinese rival Huawei.
The increase in sales likely reflects Samsung eating into Huawei’s market share as US restrictions hit the Chinese tech giant.
Huawei has been stockpiling chips ahead of possible sanctions from the US.
The US department of commerce said in August that it would impose sanctions on any foreign company that sold chips to Huawei without first obtaining a license.
The current US administration has targeted a number of Chinese technology firms over national security concerns, including TikTok, Huawei and WeChat.
Samsung also witnessed strong growth in sales of its premium televisions and appliances during July to September.
The firm’s strong results come amid a consolidation in the microchip industry in the US.
Microchips have a huge range of applications and are found in consumer electronics, retail products like smart phones and as well as in commercial infrastructure such as data centres.
Chipmaking giant AMD announced this week that it will buy Xilinx for $35bn, paying a premium for its rival in a near-record deal.
Graphics chipmaker Nvidia agreed last month to buy British mobile chipmaker Arm from Softbank for $40bn.