There’s little doubt that Samsung is one of the most important players in the mobile market today, and possibly the first brand that comes to mind when thinking about Android-based smartphones. That said, the company has seen fierce competition lately, both in the high-end spectrum where Apple is still biting off large chunks of Samsung’s market share, as well as the low-end market, where more and more brands and manufacturers are starting to provide affordable yet powerful phones and gadget. Thus, Samsung’s profits were expected to drop. That however doesn’t seem to be the case.

Samsung has released some data about its third-quarter profits ahead of the full report expected to land at the end of the month. According to Reuters, the company’s profits jumped almost 80 percent (79.8, to be exact), compared to the numbers for the same period last year, with $6.25 billion won. Interestingly, the Korean company’s mobile segment has seen a 24 percent growth, which surprised many that were wondering about Samsung’s dwindling sales in the mobile segment. Of course, the company’s financial growth is attributed to more than just smartphones, its business extending to a wide array of electronics outside of the mobile spectrum.

While the company’s mobile flagship, the Samsung Galaxy S6 Edge has seen dwindling sales as of late, especially after the release of the new iPhone 6S and 6S Plus models, it seems the bulk of the growth can be attributed to Samsung’s lower-end smartphones, as well as its semiconductor business, which is an integral part of Samsung’s business and on which Apple itself relies heavily. Exact numbers will be available at the end of October, but for now, significant spikes in the company’s stock have occurred, with the Korean tech giant’s (listed on the stock markets as 005930.KS) stock growing 8.7 percent, the most significant jump for Samsung in years.

Despite losing smartphone market shares, it seems Samsung is still capable of turning a significant profit. It will be interesting to see just how much each of the company’s divisions contributed to this growth, and we’ll likely to pick up the subject again once the exact numbers become public at the end of the month.

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Amelia Johnson

Amelia Johnson

I am a passionate tech and photo enthusiast. I love everything that bleeps, beeps and rings and everything that can create art in some form or other. To me, the world we live in revolves around technology and that's why I'm convinced we need to embrace it as a whole. Don't let it go too far, though!