LG records operating profit of $83.4 million for the quarter

LG is definitely feeling a bit ecstatic this morning, as it has reported financial results for Q2 2014. The company indeed has plenty to be proud of considering that it sold 14.5 million smartphones during the quarter — that represents a 20 percent increase compared to the same period last year and its highest total to date.
During the quarter, LG’s mobile division managed to rack up sales of $3.5 billion (compared to $2.78 billion for the same period in 2013) and operating profit of $83.4 million (compared to $54.37 billion). Although the profit number may look a bit small, it reverses three straights quarters of losses for the company so it should be seen as big a win.

LG notes that a strong launch for its new flagship G3 smartphone was a big reason for the improved sales and increased profitability for the company. The LG G3 has stolen some thunder from competitors such as the Samsung Galaxy S5 and HTC One (M8) due to its sharp looks, fast Snapdragon 801 processor, and QHD display.
LG hopes to follow-up on Q2’s G3 success with new releases during the second half of the year. The G3 Beat was announced last week and brings the G3’s style into a smaller, more affordable package. The company will also launch new L-Series models to fill out its budget smartphone lineup.

Source: LG

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