LG Electronics’ smartphone business has led the company to achieve good performance in the third quarter. On Oct. 29, LG Electronics reported that the third quarter sales amounted to 14.9164 trillion won (US$14.1367 billion), while the operating profit reached 461.3 billion won (US$437.7 million).
The operating profit has increased by 111 percent compared to that of the same period last year, exceeding the market prediction that was 440.4 billion won (US$417.4 million).
The smartphone business contributed to the improvement of sales and operating profits.
Its mobile communication (MC) division recorded sales of 4.247 trillion won (US$4.030 billion) and operating profit of 167.4 billion won (US$158.8 million). The sales recovered back to a 4 trillion won (US$3.79 billion) level in five years, and the operating profit was highest after the third quarter in 2009 (384.4 billion won, or US$364.6 million).
Sales and operating profits have increased by 17 percent and 95 percent, respectively, compared to those of the previous quarter due to the good sales of the G series, including the strategic smartphone G3 and L series III smartphones. The business division sold 16.8 million smartphones, surpassing the previous record high quarterly sales of 14.5 million units in the previous quarter.
Furthermore, the sales of LTE smartphones hit a record high of 65 million units since their launch in May 2011. Sales have increased by 114 percent compared to the same period last year and 25 percent compared to the previous quarter. By region, the North American market saw a brilliant improvement in sales.
A company representative explained, “The sales have grown by 39 percent in the North American market compared to the previous quarter due to the launch of the G3 and the sales expansion of the L series.” The MC division expects the continuous growth of the LTE smartphone market and plans to focus on the sales expansion of the G series, including the strategic G3 and L series III handsets.