Samsung Electronics posted a record quarterly operating profit in the third quarter as strong chip sales cushioned the fallout of slowing smartphone sales.

The South Korean tech giant said Wednesday that its operating profit reached 17-point-57 trillion won in the July-September period, up 20-point-nine percent on-year and 18-point-two percent on-month. It also replaced the previous record of 15-point-64 trillion won set in the first quarter. 

Sales increased five-point-five percent on-year to reach 65-point-46 trillion won. 

The firm's mighty semiconductor business reported an operating profit of 13-point-65 trillion won, hitting a record for two straight quarters and offsetting sagging profits from the mobile phone unit.

The mobile phone unit reported an operating profit of two-point-22 trillion won in the third quarter, down from two-point-67 trillion won the previous quarter and three-point-29 trillion won a year ago.