Samsung's sales surge as it takes rival Huawei's market share

Samsung Electronics reported third-quarter revenues of $ 59 billion in its third quarter, mainly fuelled by a 50 percent rise in smartphone sales and profits from microchips surging 82 percent.

The Korean tech giant posted a third-quarter net profit of $8.3 billion, a 49 percent increase from the same period last year.

Samsung also enjoyed strong sales growth of its premium TVs and appliances from July to September.

Samsung likely ate into Huawei's market share for mobile phones and chips as US restrictions hit the Chinese telecommunications giant.

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.

However, Samsung expects declining profits in the fourth quarter due to weaker chip demand from server customers and more intense competition in mobile phones and consumer electronics.

The death of chairman Lee Kun-hee could force a shake-up in Samsung as his heirs might sell assets or be forced into dividend payments to pay a huge inheritance tax.