Samsung has once again turned in a record-breaking quarter that surpassed even their own estimates. During the three-month period, the Korean tech giant posted 59.08 trillion won (roughly $55.59 billion) in revenue and a consolidated operating profit of 10.16 trillion won, or about $9.56 billion. The profit gains represent a seven percent increase over the quarter ago period and a 26 percent boost compared to the same time period last year.

It should come as little surprise that sales of smartphones and chipsets are responsible for the impressive figures. Flagship handsets like the Galaxy S4 and the Note 3 continue to do well as we are told that smartphone shipments were up about 10 percent but still remained somewhat flat compared to the previous quarter sales. Instead, Samsung is cleaning up in the lower-end, mass-market segment which was primarily responsible for driving profits up.

The chipset division, meanwhile, turned in its best earnings performance in three years. Sales of memory for gaming consoles and mobile devices led to a 12 percent increase in revenue over the previous quarter. The display business, on the other hand, didn't do so well as it caused operating profits to fall by 12 percent.

Looking forward, Samsung is expecting steady growth through the fourth quarter. This of course will be led by the always-lucrative holiday buying season as consumers clamor to get the latest and greatest smartphones and tablets either for themselves or loved ones.