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LG G3 success drives a smartphone shipment record

Firm gives Samsung a run for its money
Thu Jul 24 2014, 12:56

LG G3 frontKOREAN PHONE MAKER LG has announced record smartphone shipments for the second quarter, which it credits to the success of its LG G3 handset.

LG announced its second quarter 2014 earnings on Wednesday, revealing that it sold a record 14.5 million smartphones during the three month period, a 20 percent increase year on year and a 17 percent increase from last quarter. Perhaps most impressively, this is the highest smartphone shipment figure the company has ever posted.

LG said that over a third of the smartphones shipped were LTE models, adding that this was largely thanks to the initial popularity of the LG G3. LG also said that its mid-range LG Series II smartphones have seen "strong sales".

LG's mobile unit brought in 3.6tn Won ($3.5bn) in revenues, and 85.9bn Won ($83.4m) in profits. In its second quarter earnings release, LG hinted that we'll be seeing some more variations of its LG G3 soon, saying it plans to introduce "more mass tier products in the second half, including variations of the LG G3, such as the recently announced G3 Beat".

LG's other divisions didn't perform quite as well as its mobile unit. While the firm's home appliances division saw sales increase nine percent year-on-year, its revenues dipped five percent due to "unfavourable foreign currency exchange". LG's home entertainment unit saw a three percent increase in revenues quarter on quarter, but remained "almost unchanged" compared to the same period last year.

Still, across all of its divisions, LG reported second quarter net profit of 412bn Won ($399.8m) and operating profit of 606bn Won ($588.5m), an increase of 26.5 percent year over year. µ


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