Samsung profits soar 26% in Q3 over strong smartphone sales

Samsung Electronics has reportedly seen a 26 percent growth in its profits following strong smartphone sales and recovery in its memory chip business in the third quarter.

The South Korean giant made a net profit of 7.6billion dollars in the July-to-September quarter.

Samsung said that the sales of smartphones, a key driver of its growth, are expected to rise further in coming months, the BBC reports.

The company further said that the sales will gain momentum due to year-end promotions over the holiday season and an improved line-up of mass-market smartphones.

According to the report, Samsung's latest earnings were also boosted by its semiconductor business, which saw profit more than double to 1.9 billion dollars, the highest in three years.

Analysts said that the company needed to come up with more innovative products to help sustain its growth rate as rival Apple is coming up with innovative and better products in the smartphone industry.