LG sees record quarter, shifting 13.5m smartphones
Korean electronics group LG has announced a dramatic recovery with a 165 per cent rise in profit in the second quarter due to a boom in its mobile and television sales.
The LG G3 has been widely regarded as a success
Net profit during the April to June period sits at 412bn won and operating profit rose by over 25 per cent to 606bn won.
This is a major turnaround for the brand following on from three quarters of successive losses.
Partially responsible for the firm’s record-breaking recovery is its mobile sales, with it shipping 14.5m smartphones, 20 per cent more smartphones than last year. LG will no doubt be taking advantage of fellow Korean giant Samsung’s recent slump.
The manufacturer, which has launched smartbanner ads on long haul flights critisising rival devices, will look to continue the growth into the next quarter.
A company statement read: “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.
"Despite increased spending on marketing activities, LG fared very well. We saw a meteoric rise in the United States in profit for smartphones. Thanks to our diversified product portfolio, we are positive about the outlook in the second half.”
The G3 smartphone launched worldwide in May to positive acclaim.