Samsung Galaxy S III sales to hit 10 mn in July

Samsung Electronics Co, the world's top mobile phone maker, said on Monday that it expects global sales of the latest Galaxy smartphone to surpass 10 million in July even as it struggles to keep up with demand because of component shortages. 

Shin Jong-kyun, president of Samsung's mobile communications business, said the Galaxy S III will hit the 10-million milestone within two months of its launch. 

``It has been tough to keep up with demand,'' Shin told reporters. 

Samsung's failure to procure sufficient mobile components for its latest smartphone has stoked concerns that its second-quarter smartphone sales could be much lower than expected. Shin said the company expects to resolve the supply issues with mobile components sometime in the next week. 

``Despite the tough economic situation in Europe and problems with supplying components for the Galaxy S III, the second-quarter earnings will be better than the first quarter,'' he said. 

Shares of Samsung tumbled 4.2 per centon the Seoul bourse on Monday, closing at a four-month low. The benchmark Kospi index fell 1.2 percent. 

Samsung began sales of the Galaxy S III in Europe on May 29 and released it in the U.S. last week. In its home market, the company started sales of the latest iteration of Galaxy earlier Monday. 

Samsung's sales estimate for the S III reflects robust demand from mobile operators. Unlike Apple Inc., Samsung does not disclose sales figures to consumers. 

The South Korean company said the S III will be released by around 300 mobile carriers in 147 countries by the end of July, aiming for an early start before rival Apple announces a new version of the iPhone in the third quarter.