Samsung has posted record quarterly revenues of £22.49bn for its third quarter, on the back of soaring semiconductor and smartphone sales.
Consolidated net income rose 17 per cent year-on-year to £2.49bn, and the company shipped 71.4 million handsets during the quarter, an increase of 19 per cent year on year.
Samsung expects its mobile division to continue growing, and projected that it will have shipped 10 million Galaxy S units by the end of the year.
The company's semiconductor division achieved record consolidated sales of £5.96bn during the quarter, logging an operating profit of £1.91bn.
However, Robert Yi, vice president and head of Samsung Electronics' investor relations team, explained that the quarter had been tough despite the record earnings.
"In the third quarter, Samsung faced a challenging business environment including declining demand for PCs and TVs, along with a continued economic slowdown in developed markets such as the US and Europe," he said.
"Despite this, we achieved strong revenue growth and profitability, which was built on our cost competitiveness in memory semiconductors and increased sales of cutting-edge products such as our latest smartphones."
Samsung expects that an increase in year-end demand for TVs and mobile handsets will support continued sales growth in the fourth quarter.
However, the firm stated that that the memory semiconductor market is over supplied and will lead to reduced pricing in the fourth quarter. Samsung also stated that prices for LCD panels continue to decline.
The manufacturer will launch its iPad rival, the Galaxy Tab, on 1 November. A survey by price comparison site Kelkoo revealed that over half of consumers are considering buying a tablet PC, 33 per cent of whom will do so in the next six months.
Nearly a fifth of respondents would purchase a Galaxy Tab over an iPad, the survey found. Some 35 per cent preferred the Samsung device due to its portability, 29 per cent its built-in phone and 27 per cent its ability to play Flash files.
In related news, Microsoft also posted record profits in the past quarter as demand for Office 2010, Windows 7,and Xbox 360 consoles and games remained strong.
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