Samsung have posted their figures for the second quarter, reporting a 48% rise in profits compared to this time last year. The increased profits were driven by consumers heading out to get Galaxy smartphones with very little by way of competition on the market for the South Korean company.

The company’s reported net profit was $4.5 billion while revenue is reportedly up by 21%. Samsung said that the mobile business contributed more than 60% of its operating profit, spurred on by sales of the Galaxy S III.

Following the results the company’s stock rose 4.3% in Seoul.

Research firm IDC has also released data regarding smartphone shipments for the quarter showing that Samsung and Apple together hold over half the global market. However Samsung at over 50 million units shipped almost twice as many smartphones as competitor Apple’s 26 million. Samsung and Apple now hold 34.6% and 17.8% of the market respectively.

Samsung’s estimated 50.5 million units is more than double the number the company shipped this time last year (20.2 million)

Source: PC World and The Guardian