LG closes third quarter earnings with record-breaking smartphone shipments
|Mobile business revenues surge 39 percent with nearly 17 million smartphones sold|
LG Electronics recently announced unaudited third quarter consolidated revenues of KRW 14.92 trillion (USD 14.54 billion), an increase of 7.4 percent year-over-year, and operating profit of KRW 461.3 billion (USD 449.61 million), more than double the figure from the same period a year ago.
LG’s earnings reflected strong performance from its mobile business which saw record smartphone sales in the third quarter with sales of 16.8 million units.
The mobile technology innovator shipped a record-breaking 16.8 million smartphones in the third quarter, an increase of 39 percent year-on-year and 16 percent more units than the previous quarter.
Sales of KRW 4.25 trillion (USD 4.14 billion) and operating income of KRW 167.4 billion (USD 163.16 million) were the highest in the company’s history since the third quarter of 2009.
Building on its momentum and two consecutive profitable quarters, LG expects to strengthen its positioning in the smartphone market with its G Series and L Series III models despite the global landscape becoming more competitive.
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending September 30, 2014. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter ― KRW 1,026 per USD (2014 3Q).
From global to local
For 2014, LG has already released a number of well-received smartphones in the Philippines including the powerful phablet G Pro 2 and the nifty G2 Mini last April, the stylish L Series III last May, the much-awaited flagship G3 last July, and the newest addition to the L family, the L Fino, just this October.
The success of LG Mobile in the Philippines can be largely attributed to the success of the simple yet smart LG G3. The company’s flagship exceeded the sales of last year’s LG G2 by almost 100 percent, allowing LG to achieve a double-digit market share and sustain its no. 2 position (value-based) in the local smartphone market according to a third party international research firm.
Jay Won, LG Mobile Philippines vice president, said, “LG has been continuously growing its market share in the country, especially in the premium mobile segment with the introduction of the LG G3. We look forward in delivering more innovative mobile products that will not just strengthen our foothold, but also cater to the more Filipinos’ increasingly mobile and connected lifestyle.”
LG's latest flagship smartphone, the LG G3, takes pride in three core technologies— the breathtaking Quad HD display with 538ppi pixel density, four times than HD displays, the high-quality camera with Optical Image Stabilization Plus (OIS+) and a smartphone’s first, the Laser Auto Focus, and the sleek Floating Arc design with ultra thin bezels and metallic finish—all providing a seamless yet “simple” user experience.