Samsung sees sales surge from rival Huawei's ban

Jago News Desk Published: 29 October 2020, 03:47 PM | Updated: 29 October 2020, 03:57 PM
Samsung sees sales surge from rival Huawei's ban

Samsung Electronics has reported record revenues of $59bn (£45.4bn) in its third quarter.

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

The Korean tech giant posted a third quarter net profit of $8.3bn, 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.