Samsung Electronics said on Thursday that it recorded 62-trillion won in sales and seven-point-78 trillion won in operating profits in the third quarter.

According to the world's largest memory chip maker, its operating profit plunged 55-point-seven percent from the third quarter last year when it logged a quarterly record high. Compared with the previous quarter, however, it surged 17-point-nine percent.

The tech firm's total sales dropped five-point-28 percent from a year ago while improving ten-point-47 percent over the previous quarter.

Samsung Electronics said that despite strong smartphone sales, continued weakness in the memory chip market pulled down third quarter sales and operating profits compared with the same period last year. 

While the company's semiconductor business saw profits decrease from a year ago on falling prices, its display profit increased thanks to cost efficiencies. Its information technology and mobile communications division in charge of smartphones saw surging sales bump up profits.

Samsung expects demand for memory chips to slightly increase in the fourth quarter while marketing costs of smartphones will also increase.