Samsung announces record first quarter profit. Mobile phone demand sees global decline but memory chip business on the rise.

Samsung Electronics Co Ltd reported record quarterly profit thanks to increased demand for their semiconductors primarily used in servers.

The company also warned of an impending weakness in the smartphone market but assured investors of an increased demand for its memory chip business.

Samsung is the worlds largest manufacturer of smartphones, television sets and memory chips. The dynamic product offering has secured Samsung steady earnings in a competitive market against rivals.