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The world's largest maker of memory chips and smartphones today said preliminary estimate showed third-quarter profit jumped 20.4 percent to 17.5 trillion won or $15.5 billion on a 4.8 percent gain in revenue.

Samsung's operating profit reached a fresh high of 17.5 trillion won (15.5 billion US dollars) in the July-September quarter, up 20.4 percent from a year earlier. The unit generated about 10% of the South Korean company's 54 trillion won ($48 billion) profit a year ago. The figure also came in slightly over market expectations of 17.1 trillion won, based on a survey conducted by Yonhap Infomax on 21 South Korean brokerages.

It's not the Samsung's smart home appliances, its ever-growing QLED range or 'The Frame' TVs that are set to push its profits to a record high for Q3 of 2018, but the growing popularity of its chipsets.

Nevertheless, analysts have sounded concern about the current lack of innovation in the smartphone industry. Similarly, the chip business helped Samsung earn record profits over the past year, even though the demand for memory chips continues to slow down worldwide.

Samsung forecast revenues for the third quarter will climb to KRW64-66 trillion, up from the KRW62.05 trillion posted during the same period in 2017.

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The company did not provide detailed descriptions of the performance of its business and segment results.

Samsung's third-quarter operating profit accounted for about one-third of the total profits made by all listed local companies.

Chips represent close to 80% of the operating profit for Samsung and the company has been the benefactor of a surge by data centers for cloud computing that spurred on spikes in DRAM chip prices.

Samsung is also facing mounting competition from Apple and Chinese rivals and is looking for ways to boost momentum in a sluggish smartphone market.

Samsung plans to curtail growth in memory chip output next year to keep supplies tight amid an expected weakening demand, Bloomberg News reported last month. The overall display revenue is estimated to have increased 14 percent to around 9.5 trillion won. "But in the longer run, it needs to grab more market share in handsets". It was up by 11.2 per cent from the prior quarter.