Samsung’s smartphone sales increased by 10 percent compared to the previous quarter. However, the tech giant’s profit fell 56 percent compared to the same period last year. The company’s third quarter profit, which ended in September, was announced to be $6.7 billion.

Samsung’s operating profit in the third fiscal quarter of 2019 decreased by 56 percent compared to last year due to low demand for the memory chip. It earned $6.7 billion in the quarter ended September. The technology giant’s smartphone sales decreased by 5 percent compared to the same period of last year, but smartphone sales increased by 10 percent compared to last year’s quarter.

Samsung’s statement on the subject is as follows: “Third quarter profit, fell sharply compared to the previous year. However, the strong performance in smartphone sales and the increasing demand for mobile OLED displays have somewhat compensated for the stagnation in the memory chip market”

South Korean company’s smartphone business increased by 32 percent compared to the same period last year. and the company made a profit of $2.5 billion. However, Samsung emphasized that smartphone sales will decline due to seasonal effects and economic uncertainties for the rest of the year.