LG Electronics has reported a 165-percent year-on-year increase in net profits in the second quarter. Much of this success is attributed to the record smartphone shipments and sales of their G3 flagship smartphone.
Smartphone shipment for LG in the second quarter amounted to 14.5 million (with LTE-enabled smartphones comprising one-third of overall shipment). The result is a 16-percent year-on-year increase in smartphones sales or 3.62tn won ($3.51bn). Other divisions that contributed to the surge in LG’s overall profit include home entertainment, home appliance, and air conditioning.
That the G3 helped LG hold its ground against competition in the smartphone market is actually no surprise. In all fairness, it’s an awesome device. Our official LG G3 review has shown it having a great combination of battery life, easy navigation, and features.
Planning ahead, LG intends to expand the global reach of the G3 and release more smartphones that will entice the consumer masses. These include the wide variety of G3 spinoffs, as well as more models in the L series.