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Samsung soars ahead of Note 8 arrival

With last year's Note 7 in the rear-view mirror, the Korean giant is raking in more money than ever.

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Samsung Galaxy S8 sales are up over where the S7 was last year.

Josh Miller/CNET

Samsung on Thursday posted its latest earnings, and the news is very good: Overall, the company's net profit hit 11.05 trillion South Korean won over the last quarter. (That's about $9.95 billion.) According to The Wall Street Journal, that's 89 percent up over where Samsung's earnings were a year ago. And the Galaxy Note 8 isn't even here yet.

The reason, mainly, is components.

According to Samsung, "the Galaxy S8 and S8+ have outsold the Galaxy S7 series in almost all regions," and the S8+ accounts for more than 50 percent of the S8 line's sales. But Samsung's largest profit area is in components, chiefly memory and displays. Samsung reported earnings growth in its Memory Business via SSD and DRAM sales, and growth in Display Panels thanks to both high OLED demand for phones and a growth in larger UHD LCD sales for TVs. 

The upcoming announcement of Samsung's most anticipated phone, the Galaxy Note 8, is just weeks away on Aug. 23.