Samsung's profits for it's third financial quarter this year fell slightly, to about $3.1 billion on revenues of $37.3 billion, but that slightly dark cloud has a very bright silver lining: smartphone shipments were up 20 percent over the previous quarter thanks in large part to the Galaxy S II — over 10 million Galaxy S II smartphones have been sold in the five months since it was introduced. Those numbers were good enough to make it a record quarter for Samsung and to give the division a profit of $2.3 billion.

Samsung expects to "sustain strong earning momentum" in smartphones thanks in no small part to the upcoming release of the Galaxy Nexus and Galaxy Note smartphones.