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South Korean technology giant Samsung has increased sales due to the Huawei ban. The company had total revenue of $59 billion in the third quarter of this year.
The BBC reports that Samsung smartphone sales are behind this income increase to the Huawei ban. In addition, Samsung’s profit from microchips stood at 82 percent.
The South Korean technology company reported a net profit of $8.3 billion in the third quarter. As compared to the same period last year, the profit has increased by 49 percent.
U.S. sanctions on Huawei have helped boost Samsung’s mobile and chip business revenue.
Samsung is taking over the market that Huawei lost due to the ban. In addition, Huawei is stockpiling chips in the face of US sanctions.
In August, the US Department of Commerce announced that it would impose sanctions on foreign companies that sell chips to Huawei without seeking approval.
The United States has stepped in to ban Huawei, TickTock, and WeChat over state security concerns.
However, the country has not yet been able to prove its fears. The accused organizations have always denied the allegations.
Sales of Samsung’s premium TVs and household technology products also increased during the July-September period, the BBC noted.