LG posts strong quarterly profit, ships record-high 14.5 M smartphones in second quarter
LG Electronics (LG) announced 165 percent increase in second quarter net profit compared with the same period last year. The second quarter 2014 net profit of KRW 412 B (USD 399.8 M) and operating profit of KRW 606 B (USD 585.5 M), a 26.5 growth percentage year-over-year reflects strong earnings from both LG Electronics’ TV and mobile operations.
Contributing to the strong performance is LG Mobile’s record-high shipment of 14.5 million smartphones in the second quarter, a 20 percent increase year-over-year with LTE products accounting for more than one-third of all LG smartphones sold this year. LG’s mobile division recorded a 16 percent increase in sales from the same period last year, the highest since the first quarter of 2010. Its operating profit of KRW 85.9 billion (USD 83.4 million) in the second quarter also puts an end to three consecutive quarters of losses. Much of the success was due to the initial popularity of the LG G3 in the Korean market and strong sales of L Series smartphones. LG plans to continue its global rollout of the G3 and introduce more mass tier products in the second half, including variations of the LG G3, such as the recently announced G3 Beat, and additional L Series models.
Globally launched last May and launched last July in the Philippines, the LG G3 is packed with industry-leading features and game-changing innovations including a Quad HD display with 538ppi pixel density, high-quality camera with Optical Image Stabilization Plus (OIS+) and Laser Auto Focus, and a sleek Floating Arc design with ultra-thin bezels and metallic finish – all providing a seamless yet “simple” user experience.
Sung Woo Nam, LG Philippines managing director, said, “With LG G3 complementing our earlier phone models, we have been aggressively growing our market share in the Philippines’ premium mobile user segment. We look forward to further strengthening our foothold by offering innovative products that will really cater to Filipinos’ increasingly mobile and connected lifestyle.”