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Samsung Electronics Friday announced record quarterly profits of $5.9 billion for the April-June period, the figure largely fueled by rapid sales of the Galaxy series of smartphones.

“Our smartphones are flying off the shelves,” one unnamed company executive told Reuters. With 380 phones sold per minute, Samsung’s mobile unit profit is expected to more than double. However, potentially more satisfying: the Galaxy likely will extend its lead over its rival, the Apple iPhone.

Although the South Korean company makes everything from microchips to widescreen TVs, sales of mobile phones provide more than 70 percent of Samsung’s revenue, Reuters reports. Even before the company unveils its full second-quarter sales report later this month, Samsung estimated a $41.5 billion (47 trillion won) return.  Analysts expect the telecom division will  bring in just over  $4.83 billion (5 trillion won) on 19 million Galaxy S IIIs sold during the current quarter.

However, the fate of the euro has Samsung concerned. “We may have to initiate cost cuts and product price increases should the euro fall further from the current level,” one unnamed executive told Reuters.

While Samsung’s record profits may slow once Apple introduces a new iPhone later this year, the company has an ace up its sleeve: it is the only producer of the chips the iPhone and iPad require to operate. If that’s not enough, Samsung also supplies Apple with microchips, flash memory and displays. Despite all the courtroom drama, Samsung and Apple are deeply intertwined in the world of frenemy economics.

In a bit of irony, Samsung announced its record profits as its rival Android smartphone maker HTC announced slumping earnings.

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