Samsung Electronics has something to cheer about, as the company today announced record revenues for 2010 of $139 billion, a 7 percent increase over 2009.

For the quarter, the company posted consolidated net income of $3.02 billion, a 13-percent increase year-on-year. Net income reached a record high of $14 billion, up 65 percent compared with the previous year, while operating profit was $15.5 billion, also a record.

The company attributes its success to strong demand and sales of its memory semiconductors and high-end smartphones. Samsung Telecommunications, the company’s mobile devices arm, sold 80.7 million mobile devices in the fourth quarter, including 2 million Galaxy Tabs.

Samsung announced 1 million Galaxy Tabs had shipped in December. Following its introduction in June, Samsung’s Galaxy S smartphone achieved worldwide sales of 10 million units.

Samsung plans to introduce the successor to its Galaxy S smartphone during the first half of 2011, featuring a dual-core processor and Super AMOLED Plus display. The company is targeting 60 million in smartphone sales for 2011, double what it did in 2010.

“Despite the difficult business environment including reduced IT demand caused by the economic slowdown, we achieved record-high results both in terms of sales and operating profit in 2010,” said Robert Yi, vice president and head of Samsung’s investor relations team. “However, considering overall business conditions, unlike 2010, we expect the traditional earnings pattern of a weak first half, with a strong second half to return in 2011.”

Samsung expects price competition to intensify in the consumer electronics, IT and mobile device markets in 2011, while major components prices are also forecast to decline. The company has its focus for the new year on keeping its semiconductor prices competitive, reducing marketing expenses and increasing shipments of high-end smartphones and tablet devices.