Samsung today revealed it expects a 48% rise in profits for the first quarter of 2017, representing record earnings for the phone giant.

In a press release, Samsung issued guidance that it expects to take in 50 trillion Korean won in consolidated sales and approximately 9.9 trillion won in operating profit.

In the 2016 first quarter report Samsung made 49.78 trillion won in sales and 6.68 trillion won in operating profit.

The results suggest the company has managed to ride the wave of the Galaxy Note 7 fiasco, in which the phones became fire risks due to an overheating issue, and arrive during corruption allegations surrounding the company’s chairman, Lee-Jae Young, who was arrested in February over his alleged role in a scandal involving South Korea’s impeached president Park Geun-hye.

This is probably due to memory chip sales and the excitement surrounding the Galaxy S8, which ships later this month. Analysts are expecting the next quarter’s April-June earnings to be even better due to the Galaxy S8, which can be used as a desktop computer, being released on 21 April.

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