LG reports record-breaking smartphone sales

LG had a record-breaking quarter, mostly on the back of its smartphone division. It sold 16.8 million smartphones, a record for the company, and the phone division saw the best revenue and operating income since the third quarter of 2009. In the third quarter of this year, the LG Mobile Communications Company recorded revenue of $4.14 billion and made an operating income of $163 million on that. LG credits the success of its G Series and L III Series for this third consecutive quarter of growth.

South Korea’s LG Electronics Inc. said Wednesday its third-quarter profit jumped 87 percent over a year earlier as smartphone sales set a record high. LG Electronics said its July-September net income reached 202.6 billion won ($193 million) on sales of 14.9 trillion won. Operating income more than doubled from a year earlier to 461.3 billion won. LG said the improved earnings stemmed from the recovery of its handset business. Its 167 billion won profit exceeded that from televisions, LG’s other mainstay business. The company’s smartphone shipments increased 40 percent from a year earlier to a record 16.8 million units, as its flagship G3 smartphone and mid-tier L series smartphone drove sales. The company said it will continue its “two track” strategy, trying to lure consumers in advanced countries with the high-end G series and expand L series models for consumers in emerging markets.