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Samsung reports record revenues

Korean electronics giant Samsung has posted record quarterly sales figures, boosted in no small part by buoyant chip and app phone sales.

The company posted a record consolidated net income of £22.5 billion, a 17 per cent increase year-on-year for the quarter ending September 2010.

The outfit's well-received Galaxy S and Wave smart phones accounted for a large chunk of the firm's increase in income, making up the shortfall left by a decline in demand for TVs and PCs.

The company's chip division raked in £6 billion in sales which converted into nearly £2 billion in profit. The figure would have been even higher if the company hadn't coughed up over £1 billion on "patent-related expenses".

The company is suggesting that the NAND market is currently oversupplied, which could lead to tumbling prices and a difficult fourth quarter, but with everyone on the planet planning to release a flash-filled tablet, including Samsung's own Galaxy Tab, we reckon things could go in the other direction, with flash prices going through the roof.