Samsung posts record profit on strong Galaxy sales

South Korea's Samsung Electronics reported on Friday  a record quarterly profit of $7.4 billion, crediting strong sales of its Galaxy line of smartphones and tablets with making up for weak chip demand.
Samsung said its third-quarter operating profit increased 91 percent to $7.39 billion, in line with guidance offered earlier this month. Revenue for the quarter ended September 30 was 52.18 trillion won ($47.5 billion), a 26 percent increase over the same period last year."The business environment remained difficult with global economic uncertainties persisting amid the fiscal concerns in the U.S. and Europe," Robert Yi, Samsung's chief of Investor Relations, said in a statement. "However, we continued to break our quarterly profit records."