According to Samsung Electronics second quarterly financial reports, the company is reporting a record breaking quarterly earnings profit of “$5.9 billion”. This all despite a parts shortage that kept the South Korean company from keeping up with the insane demand for the Samsung Galaxy S3. Needless to say, its Samsung’s smartphones that have more than doubled the company’s profit growth, selling 380 smartphones every minute, accounting for 70% of their overall business. On the downside though, Samsung have revealed that its chips and consumer electronics businesses are suffering from weak demand, dropping the company’s shares by 15% in the past 2 months.

This quarter will be even bigger for Samsung once the newly launched Galaxy S3 gains some more momentum all over the world. The company predicts to ship somewhere around 19 million units this quarter and plans to give their full financial results in detail towards the end of this month. Samsung is trying to get as much hold of the smartphone market as possible before the launch of Apple’s next iPhone, the iphone 5 that will no doubt put a dent in Galaxy sales but the company is still optimistic that its ready to cope with it (as they have been doing since the last few years and who better to know that then Apple itself).