Samsung, a South Korean tech giant, is on track to beat its rival company Apple. The company has posted record breaking earnings.

The development is of great importance since its call back of Galaxy Note 7 and the corruption scandal involving the company.

The quarterly earning reports showed that Samsung gained highest profits in its history. The operating profit of $12.7 billion and $9.7 billion in net profit show that it is quite higher than what was forecasted ($10.6 billion in operating profits) for Apple.

This performance can be attributed to the increasing prices of memory chips and also, huge sales of the Galaxy S8. Samsung also hopes another blockbuster in upcoming three months.

Bryan Ma, a technology industry analyst at IDC categorized the success of Samsung due to the following factors:

The S8 has indeed helped get Samsung back onto its feet, hopefully putting the Note7 debacle behind it. But we also have to keep in mind that a lot of Samsung´s momentum is from memory and displays too, so it´s not all about the S8, either.

It is time that matters; Apple is expected to see increased profits with the release of new iPhone series.