South Korean electronics maker Samsung Electronics Co.’s net profit rose 59% to 11.32 trillion South Korean won ($8.9 billion) in the first quarter from 7.14 trillion won in the same period a year earlier.

The company said its revenue in January-March rose 19% year-on-year to 77.8 trillion won. The figure was a record high for the company, surpassing the previous quarter’s level of 76.6 trillion won.

Samsung posted record revenue and increased net profit thanks to growing demand for memory chips and increased sales of the latest versions of smartphones.

The company’s operating profit rose to 14.12 trillion won from 9.38 trillion won a year earlier.

The company released preliminary quarterly results in early April, which coincided with the final statement. Analysts surveyed by S&P Market Intelligence had then forecast operating profit at 13.5 trillion won and revenue at 74.9 trillion won.

Revenue at the company’s semiconductor division jumped 39% to 26.87 trillion won, a record for Q1.

The display business recorded quarterly revenue of 7.97 trillion won, up 15% year-on-year.

The IT and mobile communications division posted revenue of 32.37 trillion won, up 11% from the previous year.

Samsung said the revenue boost in this segment was largely due to strong demand for its latest smartphone model, the Galaxy S22, which went on sale in February. Premium devices are the key drivers of the company’s mobile segment revenue growth as they have the highest margins.

The consumer electronics division, which includes the TV business, posted revenue of 15.47 trillion won, up 19%.

Samsung shares fell in trading on Thursday. The company’s capitalization has fallen 20.7% over the past 12 months.