Samsung's at it AGAIN: SHATTERING profit records, that is

Samsung Electronics has pushed profits to yet another record, jumping 26 per cent in the third quarter, but had to rely on recovery in the chip market to do it.

The Korean chaebol has had a string of strong quarters as its Galaxy mobes powered to the top of the Android table and it joined Apple at the head of the smartphone sector. But growth in the sales of high-end phones has been slacking off and the company's latest releases, like the Galaxy Gear smart watch, have failed to have the sort of impact its products have had in the past.

The company now reckons that the memory business will continue to do well in the next quarter and smartphone sales would still grow, but increased competition over the holiday period would impact that business.

Net profit at the firm hit 8.24 trillion won ($7.7bn, £4.75bn) in the quarter, while revenues swelled to 59.08 trillion won ($55bn, £34), up 6.9 trillion won ($6.4bn, £3.95m) from Q3 2012. Semiconductor sales were the best performer, climbing 12 per cent, while mobile sales inched forward just two per cent from the previous quarter.

The company told analysts in a conference call that it expects to bag a $1.4bn (£860m) payment from its recently announced deal with Gorilla-Glass-maker Corning.

Corning is buying Samsung out of a joint display venture in return for an investment in the firm that gives Sammy a 7.4 per cent stake and a 10-year supply deal. ®