The last year has been rocky for Samsung with the recall of the Galaxy Note 7 and various legal woes in its native South Korea. And yet, the company has issued Q2 earnings guidance today that points to its highest profits ever. So, I guess people aren't holding any grudges after the Note 7 thing.

Samsung's initial estimates show around 60 trillion Korean won (about $51 billion) in sales with 14 trillion won ($12.1 billion) in profit. That's a whopping 71% increase from last year in the same quarter. Strong sales of the Galaxy S8 are part of that, but Samsung has managed to push semiconductor and display manufacturing to the forefront of its business. Analysts predict that it will become the largest chip maker in the world soon, claiming the crown long held by Intel.

The previous record for quarterly profit at Samsung was the third quarter of 2013 when it posted 10.2 trillion won ($8.8 billion). That was back in the era of the Galaxy S4 and Note 3. The high profits are likely to continue, with Samsung expected to launch the rumored Galaxy Note 8 later this year. With a price as high as €1,000 per phone, Samsung will be raking it in. Meanwhile, LG is still losing money.