Samsung has stated that sales of its new Galaxy S3 to boost earnings for the company in the second quarter of the year.
Head of Samsung's mobile division JK Shin yesterday (June 25th) told reporters that the firm expects to sell more than ten million handsets of the Galaxy S3 by the end ofJuly.
Such is the popularity in the new device, many major carriers across the globe have reported shortages in handsets.
Sprint Nextel Corp recently suggested that due to the overwhelming demand for the mobile phone, it had run out of supplies but Samsung would not be able to deliver inventory in time to avoid delays.
Profit from Samsung's mobile division nearly trebled in January to March to $3.6 billion (£2.3 billion).
Analyst at Korea Investment & Securities Han Seung-hoon added about the share price drop in Samsung this week: "Looking beyond its current weakness in the chip sector, it appears investors are also worried that global macroeconomic woes may eat into handset sales in the second half."
Posted by Claire Marshall