Samsung has today announced its estimated earnings for Q1 2013, and it looks like the Korean electronics giant is set for another record quarter, exceeding Wall Street expectations. The company has forecast a 53% rise in profit to 8.7 trillion won ($7.7 billion) for the three-month period between January and March, driven by smartphone sales.

Samsung has set its sights on acquiring some of Nokia’s share in emerging markets with a new handset range called “REX.” Based on the company’s TouchWiz interface, but not actually powered by Android, the devices are being described as “smart featurephones,” and they’re going to be competing with Nokia’s hugely popular Asha range in markets such as India.