Samsung has announced quarterly earnings for the July-September 2020 period, making 66.96 trillion won in revenue and 12.35 trillion in operating profit. That’s the highest quarterly revenue figure ever for the Korean electronics giant, which says it was able to meet a boost in customer demand following covid-19 disruption.

Samsung Electronics was able to respond aggressively through flexible global supply chain management. The covid-19 pandemic continues around the world.

Samsung says that an increase in demand for smartphones helped drive the revenue figures. Operating profit saw a 59 percent year-on-year increase that the company puts down to stronger sales of both memory chips and consumer products.

Apple’s annual iPhone launch suffered a rare slip into October. Samsung warned of lower profits due to expected slump in memory demand and higher competition in the smartphone market.

Samsung was able to launch its new phones without going up against its biggest rival in several major markets. The later iPhone launch will give a boost to Samsung’s OLED display business.