Samsung Electronics said Friday it expects profits for the most recent quarter to rise 72% from the same period a year earlier, for a total of about 14 trillion won ($12.1 billion).
That will likely make Samsung the most profitable tech company for that quarter, according to The Wall Street Journal, edging out Apple. The iPhone maker is expected to report operating profit of about $10.6 billion for the same three month period.
It will be the first time in at least three years that Samsung has posted a profit above that of Apple’s, and caps a remarkable come-back from the fiasco last year surrounding its fire-prone Note 7 smartphones. The company’s performance in the quarter can be attributed to rising prices in memory chips, as well as the launch of the Galaxy S8 smartphone in the quarter.
Samsung is also expected to overtake Intel as the company with the biggest market share for memory chip making, Reuters reports.
The Korean company is expected to report its second quarter earnings July 27.