Samsung Galaxy S3 is undoubtedly one of the most popular smartphones in the current market, making it difficult for U.S. wireless carriers to keep up with overwhelming demand. Reuters reported Thursday (Friday local time) that Samsung Electronics will report a record profit of $5.9 billion for the second quarter of this year, thanks to the powerful sales of Galaxy S3.

Reuters also reported that Samsung sold around 50 million smartphones at a rate of 380 every minute.

“Our smartphones are flying off the shelves, with some outlets reporting 40-60 percent sales growth,” one executive, who wished to remain anonymous, said to Reuters.

The Galaxy S3 was launched in Europe and United States in the past two months, receiving rave reviews and promoted as the next “iPhone killer”. Apple has not announced any release date for the next generation of iPhone, but rumors speculated that Apple is trying to rush the launch in order to compete with Samsung.

If the rumor on early release of next iPhone, commonly dubbed the iPhone 5, holds true, then it is a big move on Apple. The Cupertino-based company launched the iPhone 4S in October of last year, but some expects iPhone to hit the market in September, and some even claims August.

The new iPhone 5 is rumored to have increased its screen size to 4 inches from previous 3.5-inch screen and comes with A6 1.5 GHz quad-core processor. It is to sport Apple’s new mobile operating system, iOS 6, which was first featured in June at WWDC 2012. The new operating system is to have its own Maps app that is capable of producing 3D view and turn-by-turn navigation. The Siri voice function will also seen an enhancement.

Foxconn’s CEO Terry Guo has said the next iPhone will “put Samsung’s Galaxy S3 to shame”.

Samsung’s flagship Galaxy S3 has a 4.8-inch HD Super AMOLED display and comes with 1.5 GHz dual-core processor and 2GB RAM in the U.S. market. It sports Android 4.0 Ice Cream Sandwich but expects an upgrade to 4.1 Jelly Bean later this year. It has a 8.0-megapixle rear and 1.9-megapixel front camera and has 4G LTE.

Many analysts believe that Galaxy S3 will sell even more in the third quarter.

Could this be stopped once new iPhone is released?

While the sales of the device may slowdown, the earning may still receive a boost from Apple’s product. Samsung is currently the producer of chips that power the iPhone, including processor, mobile memory chips, NAND flash, and display screens, as Reuters reported.

"Earnings should get an additional boost as Apple's new product launch will increase component sales," said Lee Se-chul, an industry analyst at Meritz Securities.

So Samsung still wins at the end? We shall find out this fall.

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?