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Who needs the Galaxy S3? Samsung profits soar in first quarter

Electronics giant Samsung has recorded a huge profit for the first quarter of this year – usually a tricky time for consumer electronic sales.

But the South Korean company has bucked the trend to become the largest mobile phone seller in the world – knocking Nokia off the top spot.

Samsung recorded a profit for the first quarter of £3.2 billion, an announcement that pushed its market value to $190 billion.

The new mobile tech giant

Samsung has come a long way from the days of being a rather boring manufacturer of fridges and TVs, to the creator of some of the most innovative and stylish tech products in the world.

And in another piece of good news for the manufacturer, sales of its Galaxy smartphones outstripped that of the iPhone – dealing a blow to its fiercest rival.

According to industry analysts, Samsung sold a whopping 93.5 million handsets in the first quarter of 2012 – around 20,000 every single hour.

These unbelievable figures cap what has been an incredibly successful year or so for Samsung, with critical acclaim and ever-expanding sales for its devices.

The drivers behind the huge success in the early stages of this year have been pretty much the same ones as last year – the Galaxy S2 and the Galaxy Note.

Both devices have proved hugely popular for the manufacturer, with each one selling in the millions. The Galaxy S2 has been the company’s flagship device for more than a year ago, while the Galaxy Note was something of a surprise success when it was released late last year.

Samsung’s descent to the top of the smartphone pile shows no sign of slowing, as the Galaxy S3 – one of the most eagerly anticipated devices in living memory – is just around the corner.

“We anticipate very strong demand for the Galaxy S 3,”

said Robert Yi, Samsung’s senior vice president and head of investor relations.

“When there’s strong demand in the market, we don’t necessarily need to spend a lot of marketing dollars to promote sales.”