It’s that time of the year where every company releases their quarterly earnings, and while some don’t really surprise in the numbers department, entities like LG has completely bowled over skeptics and followers alike.
During an earnings investor call, the Korean electronics firm announced that its net profits have increased by a whopping 165% for the second quarter of the year, compared to the same period last year. This is largely due to its push with new smartphone and television models.
In their smartphone and mobile departments, it revealed that a record-high 14.5 million smartphones have been shipped in the quarter, with LTE products making up more than a third of that.
“As a result, sales increased 16 percent from the same period last year to $3.51 billion, the highest since the first quarter of 2010. The mobile division’s operating profit of $83.4 million in the second quarter put an end to three consecutive quarters of losses,” it said in a press statement.
The biggest draw card for investors was the success of the G3, which launched in South Africa last week, but has been made available in Korea for some time, while strong sales in the L SeriesIII smartphones also helped in revenue.
“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.”[Source – LG]