"From now on, Samsung needs to keep breaking this record or the market will wonder what's wrong," Kagan said. "Success is a double-edged sword."

Top smartphone maker Samsung is taking a victory lap with its latest flagship device, boasting that it has shipped off 10 million of them to retailers.

An executive of the Seoul-based electronics giant told South Korea's largest news agency, Yonhap News, that the Android Relevant Products/Services Ice Cream Sandwich-based Galaxy S III has reached the milestone less than two months after its May 29 debut.

Shin Jong-kyun, president of Samsung's information technology and mobile Relevant Products/Services communication division did not give specific numbers of sales, however.

Setting the Stage

It's no wonder Samsung, which toppled Nokia from the top spot of global handset sales based on first quarter numbers by several research firms, is boasting of the S III's success, especially as archrival Apple readies its next iPhone for release.

ChangeWave Research released a report Monday saying that planned purchases of a Samsung device surged 6 percent since March, to 19 percent.

When asked in June specifically about the Galaxy S III, which was then about to be released on all four major U.S. carriers, 2 percent of 4,042 mostly North American consumers said they were very likely to buy one, while 7 percent said they were somewhat likely.

When asked about the iPhone 5, however, 14 percent of respondents said they were very likely and 17 percent said they were somewhat likely to buy one. The results are more interesting when you consider that respondents were told the actual specifications of the S III -- dual-core processor, 4.8-inch high-resolution display, an 8 megapixel camera and 4G Relevant Products/Services long-term evolution data Relevant Products/Services speed -- as well as the $199 price for the 16-gigabyte model, but only rumored specs of the iPhone. (Apple has not even confirmed that it is releasing a new iPhone.)

Apple executives are not likely to lose any sleep over the Galaxy sales: They sold 35.1 million iPhones in the fiscal second quarter, up 88 percent from the same period of 2011.

Can the Pace Keep Up?

While things are looking up for Samsung, there's a "dark side" to the boasting, says technology commentator Jeff Kagan.

"From now on Samsung needs to keep breaking this record or the market will wonder what's wrong," Kagan said. "Success is a double-edged sword."

He notes that it took the Galaxy S II five months to reach the 10 million mark and its predecessor, the Galaxy S, seven months.

"Given this track record, I wonder how quickly they will sell the next version, Galaxy S IV, and V and so on."

Apple has sued Samsung for alleged patent infringement, claiming the look and feel of Samsung's Galaxy Nexus is too similar to the iPhone. Last month it attempted, unsuccessfully, to include the Galaxy S III in the suit.

"This may be the closest to an Apple iPhone in the market today," Kagain said. "It's a very thin device with a very large screen. It is thin, but it still has a pretty big footprint."