Galaxy smartphones drive Samsung profits

Samsung’s Galaxy smartphone has driven the electronics company to record revenues after net profits of over US$5.7 billion in second quarter earnings were revealed.

The world’s largest technology firm reported sales of over 10 million Galaxy S III units, matching company expectations and keeping their mantle as the Mobile King.

Shares of Samsung opened at 1.9% higher in Seoul after the announcement with the company benefitting from increased demands for Android-powered smartphones.

This business contributed to 63% of their opening profit with analysts predicting over 50 million smartphone sales during the second quarter, just days after Apple reported sales of 26 million for their signature iPhone brand.

Analysts are already anticipating another record-breaking profit in the third quarter despite Apple scheduling the release of its new iPhone in October.

"The third quarter is expected to be marginally positive as demand for consumer electronics goods, including smartphones and tablets, remains strong and a stream of new products hit the market,” Samsung said.

"Supply for display panels is also expected to increase, as TV makers prepare for the year-end holiday season.”

The electronics giant will head into battle with rival Apple next week as both companies seek to win the infringement lawsuit over smartphone designs.

What do you think? Do you prefer the Galaxy S III or the iPhone? Let us know your comments below.