Samsung takes advantage of restrictions on Huawei and records record revenues

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Samsung foldable mobile phone

Samsung Electronics reported record revenues of $ 59 billion in the third quarter of this year, thanks to a jump in smartphone sales and a large increase in chip profits.

The Korean technology giant’s third-quarter net profit was $ 8.3 billion, up 49 percent from the same period last year.

Samsung’s smartphone sales increased by 50 percent, while chip revenue increased by 82 percent.

The increase in demand for Samsung’s cell phones and electronic chips is likely to be due to US sanctions against its Chinese rival Huawei.



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