Samsung Electronics registered a revenue of $59bn in its third-quarter due to its strong jump of 50% in smartphone sales. Moreover, the company’s profit from microchips surged by 82%.
Since last year, the company experienced a rise of 49% revenue, and it posted a profit of $8.3bn. The company profit soars might be a result of the US sanctions on its rival, Huawei.
Earlier in the year, the US warned of imposing sanctions on companies for selling unsolicited chips to Huawei. The rise in sales of Samsung smartphones and microchip was a direct impact of these warnings.
In the past, the Trump administration has targeted various Chinese technological firms owing to national security. Huawei, TikTok, and Wechat are a few of them.
Strong scrutiny by the US has been beneficial for Samsung as it witnessed a growth in sales of its premium TVs and appliance in the summer season.