Samsung reports RECORD revenues as sales surge

Samsung has reported record revenues of US$ 59 billion in its third quarter.

The strong revenues were fuelled by a 50% jump in smart phone sales, while profits from microchips rocketed 82%.

The Korean tech giant posted a third quarter net profit of US$ 8.3 billion, a 49% increase over the same period last year.

Samsung’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 telecommunications giant.

Huawei has been stockpiling chips ahead of possible US sanctions.

In August, the US department of commerce said it would impose sanctions on any foreign company that sold chips to Huawei without first obtaining a license.

The Trump administration has targeted a number of Chinese technology firms over national security concerns, including Huawei, TikTok and WeChat.

Samsung also witnessed strong growth in sales of its premium TVs and appliances during July to September.

The third quarter figures come out a day after the burial of chairman Lee Kun-hee, who helped turn Samsung into a global powerhouse.

His death could force a shake-up as his heirs might be forced into asset sales or dividend payments in order to pay a massive inheritance tax bill.

There are also lingering questions over his successor, Lee Jae-yong, who has managed the sprawling South Korean technology group since 2014.

Lee Jae-yong has twice been accused of fraud over his role in a 2015 merger deal at the tech giant and is currently awaiting trial.