LG reports record-breaking smartphone sales and impressive profits
With Samsung struggling in the smartphone market and Apple beginning to encroach on the traditionally Android-powered phablet market, LG’s smartphone business is doing pretty well, damn well in fact. According to The Wall Street Journal, LG Electronics has announced a record number of smartphone sales.
The South Korean electronics company had it’s best quarter in 5 years, with 16.8 million devices sold and an operating profit of $450 million, almost twice the amount that LG had during the same period last year. The company’s mobile division saw a 39% increase in shipments, and accounted for more than 1/3 of the company’s profits.
According to ABC News, the boost in LG’s smartphone business is in stark contrast to it’s biggest rival and fellow South Korean company, Samsung Electronics, which is currently suffering a rapid decline in profits from its own mobile division. Analysts predict that Samsung will post profits less than 1/3 of what they were a year ago at its 3rd quarter earnings report.
While LG’s success was tempered, albeit slightly, by lower operating profits in the same quarter from its Home Appliance and a $2.44 million operating loss from its Air Conditioning arm. On the other hand, TV and Home Entertainment profits increased by 5%, with demand for LCD TVs increasing across the globe.
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