Samsung Galaxy S III a main rival to Apple's iPhone is all set to top the 10 million mark during July. Launched at the end of last month, Samsung Electronics Co is expecting its sales to swell making it the fastest selling smartphone of the South Korean group. Predicting its earnings from the handset division to be higher in the second quarter as compared to January-March.

Citing concerns over its chip and telecoms businesses, may brokers cut their quarterly profit outlook dropping Samsung's shares to 4.2 percent on Monday, an all time low in four and a half months. "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," said JK Shin, head of Samsung's mobile division.

The mobile division of Samsung saw it profits rising to $3.6 billion from January-March. But it's increased demand and tight supply had led to delays. Sprint Nextel Corp said on its web site,"Due to overwhelming demand for the Galaxy S III worldwide, Samsung has informed us they will not be able to deliver enough inventory of Galaxy S III for Sprint to begin selling the device on June 21. We are working closely with Samsung on a delivery schedule to support our launch."

Samsung launched the latest version of its flagship smartphone in 28 countries in Europe in May and plans on releasing the product in 147 countries by July. The Galaxy S III, a 4.8-inch device running on Google Inc.'s GOOG +1.11% Android operating system. The new phone features an improved processor that allows users to watch video and write messages at the same time.