Samsung riding high on Galaxy wave -

Samsung is riding high on its Galaxy smartphones, outpacing Apple when it comes to handset sales.

According to Reuters, the company is projecting a quarterly profit for October- December 2012 of $8.3 billion.

The 89 percent jump from the same time last year is claimed to be driven by sales of the company's Galaxy smartphones, which are being snapped up by around 500 people every minute.

The money is also coming in from its flat screen productions, which are found in its own mobile devices, as well as for Apple's products, while the company's chip prices have also improved from last year, driving share prices to record levels.

The company's Galaxy Note II 'phablet' also allegedly outpaced Apple's iPhones.

Samsung released 37 products last year - some of which were similar devices tweaked to suit regional preferences - compared to Apple, which focused on just one new smartphone, and HTC, which rolled out 18 devices and saw sales fall by 90 percent earlier this week.

In comparison to Samsung's offerings, Nokia released nine similar products, while LG managed 24 devices.

Analysts claim that there are concerns the business's buzz could slow down as a result of advanced markets coming close to saturation. This quarter is also predicted to be quieter for the company as a result of it not releasing any products until March/April, where it will roll out its Galaxy S IV, which is claimed to have an unbreakable screen and a better processor.

This new device should help boost the company's sales within the second quarter, while its predicted smartphone sales, which analysts predict will rise by a third this year, could ensure it trumps Apple.

Neil Mawston, executive director at market researcher Strategy Analytics, told Reuters that he believed Samsung would sell 290 million smartphones this year, a leap from the projected 215 million in 2012.

Kim Sung-in, an analyst at Kiwoom Securities,went one further, predicting that the company could reach as much as 320 million smartphone shipsments this year, while its tablets could double in sales to 32 million.