Samsung just posted its highest-ever quarterly revenue of $59 billion, grabbing some of Huawei’s share of the mobile market

Samsung just posted its highest-ever quarterly revenue of $59 billion, grabbing some of Huawei’s share of the mobile market

Samsung posted record quarterly revenues of $59.05 billion on Thursday, but warned that rising smartphone competition could hit its fourth-quarter profits.

Its smartphone sales surged almost 50%, as the South Korean company gained market share from rival Huawei, which has struggled with US restrictions.

Its home appliance and TV business posted record earnings.

"Global demand is forecast to increase year-on-year, but uncertainties are unlikely to ease given the possibility of additional waves of the pandemic," Ben Suh, Samsung's executive vice president of investor relations, said.

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Samsung posted its highest-ever quarterly revenues on Thursday thanks to surging smartphone sales, gaining market share while rival Huawei struggled with US restrictions.

But the South Korean tech firm warned that its fourth-quarter profit would likely fall due to weak server chip