Garnet Red Samsung Galaxy S III AT&T1

Samsung has this morning announced its financial results for the third quarter of 2012, and yet again the Korean company has enjoyed a hugely successful three months. Record smartphone sales, largely thanks to the hugely popular Galaxy S III, have helped almost double Samsung's profits year-on-year.

Samsung revealed that it saw $47.5 billion in revenue during the third quarter, with an operating profit of $7.4 billion, and a net profit of $5.97 billion. That represents a massive 91% increase in profit over the same period last year.

"The business environment remained difficult with global economic uncertainties persisting amid the fiscal concerns in the US and Europe," Samsung senior vice president Robert Yi said.

"However, we continued to break our quarterly profit records."

Samsung's smartphone business is where its success lies, with 56.3 million devices sold during the quarter. That represents an impressive 31.3% of the global market — more than twice as much as Apple's 15% share.

Samsung also noted that its display business did incredibly well and helped drive its record quarter. High demand for its LED and LCD panels for smartphones, tablets, and televisions helped offset the weak demand for laptop and monitor panels.

Analysts expect Samsung's income to see a marginal fall in the fourth quarter as the firm ramps up marketing for the very lucrative holiday period.

[Via: Sky News]