Samsung Electronics has recently launched its highly-anticipated Galaxy S3 flagship smartphone, and it has high expectations that sales will reflect the handset’s popularity. The world’s No.1 mobile maker said on Monday, June 25, that it expects global sales of the third-generation Galaxy smartphone to top 10 million in July, even as it faces component shortage issues in trying to keep up with demand.

Shin Jong-kyun, Samsung's mobile communications president, said the new Galaxy S3 will hit 10 million sales within two months of its release. "It has been tough to keep up with demand," said Shin, as cited by the Associated Press.

As the new Samsung Galaxy S3 enjoys great demand and popularity, the mobile maker's component shortage issues have raised some concerns that its second-quarter smartphone sales could drop much lower than expected. According to Shin, Samsung expects to resolve this issue sometime next week, and they will not have a negative impact on second-quarter earnings. "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," said Shin.

Samsung started selling its Galaxy S3 flagship smartphone on May 29 in Europe, and launched the handset in the U.S. last week. Meanwhile, the mobile maker has just started selling the next-generation smartphone in its home market of South Korea.

Unlike rival Apple Inc, Samsung does not release sales figures to consumers, but the company's strong estimate for the Samsung Galaxy S3 indicated great demand from mobile operators. According to Samsung, by the end of July its latest smartphone iteration will be available on nearly 300 mobile carriers worldwide. The South Korean company is betting on an early start, before Apple unveils its highly-anticipated next-generation iPhone in the third quarter, most likely October.

Samsung dethroned long-time champion Nokia to become the world's biggest mobile-phone maker, and now competes with Apple for the world's top smartphone maker title. It's a tough race to the top, as the smartphone market is highly competitive, but Samsung aims to double its smartphone sales this year to nearly 200 million phones.