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In a recent report, Samsung released what they estimate in profits for the first quarter. They revealed $5.1 billion in profits that derive from $39.8 billion in sales. Ultimately, their first quarter profits rose nearly 100% while their revenues  rose 20%.

Lee Ka-keun, Hana Daetoo analyst, attributes the significant increase to the Samsung Galaxy tablet phone, “Higher-than-expected shipments of the Galaxy Note seem to have given an upside to earnings. Note sales will increase further in the second quarter, and handset profit will grow despite a rise in marketing costs related to the London Olympics. Samsung and Apple are expected to launch the new Galaxy S and iPhone in the second quarter, respectively, and they will engage in a full-fledged war.”

It’s true that Apple has some serious competition with Samsung Galaxy phones and tablets. The current Galaxy S WiFi features 1 GHz processor, Google Talk video calling feature, Android operating system that allows you to access thousands of apps, plus an additional Samsung app store for even more choices. Apple’s iPhone 4s has many stellar features such as the Siri personal assistant, retina display, FaceTime video calling, and iCloud.  Both phones feature quality cameras, intuitive touch screens, and built-in entertainment centers that let users do everything from watch videos to play games. It’s a real competition.

During the third quarter of last year, Samsung took Apple’s place with the largest volume of smartphone shipments. After iPhone 4s was released, Apple reclaimed the lead.

Competition is always a good thing because it benefits both parties. The consumer wins because they have several options to choose from which enables them to find what’s right for them and businesses win because it forces them think outside the box. There is no doubt that when it comes to smartphones, Apple is still top dog but it won’t be much longer until another company takes their place.