Samsung expects 10M Samsung Galaxy S III sales by July

Samsung Electronics expects sales of its flagship Galaxy S III smartphone to surpass 10 million units by July.  If its projections are correct,  the company could report record earnings for its mobile division, according to a senior Samsung executive.

Samsung Galaxy S III Sprint

Samsung's Galaxy S III

The company made the announcement as several brokerage firms cut their second-quarter earnings estimates for Samsung amid concerns about component supply issues, and as Samsung's shares tumbled to their lowest level in four months, wiping $6.4 billion in its market capitalization. However, the company projected a strong outlook for the quarter.

"The overall market condition was challenging due to euro zone issues and tight supply of components...but (our) second-quarter results will be better than the first quarter," J.K. Shin, head of Samsung's mobile division, told reporters, according to Reuters.

Shin also predicted the Galaxy S III will hit 10 million unit sales by July. However, he did not indicate by how much Samsung would exceed its first-quarter mobile profit, which was around $3.7 billion. 

Analysts have been worried that tight supplies of Samsung's products could crimp sales. AT&T Mobility (NYSE:T), Sprint Nextel (NYSE:S) and T-Mobile USA have had to delay sales of the Galaxy S III due to supply issues.

"We're getting far better reviews on S III than we did with its predecessors globally...and supply simply can't meet soaring demand," Shin said. "We've sent executives and staff to almost all our (component) suppliers to ensure a smooth offering and hopefully things will get better from next week."

For more:
- see this Reuters article
- see this Bloomberg article
- see this WSJ article (sub. req.)
- see this AP article

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