LG Q3 Profit Surges Following Record Smartphone Sales
LG posted net income of 202.6 billion won (around $218 million) for the third quarter, up from 108.5 billion won in last year’s corresponding period.
Operating income of 461.3 billion won was more than double than that posted a year ago.
LG stated its earnings reflected a “strong performance” from its mobile business.
LG’s smartphone unit sales were up 39 per cent year-on-year and up 16 per cent on the previous quarter, with LG stating it now expects to gain further ground in the highly competitive smartphone market.
“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 landscape becoming more competitive,” the company stated.
Meanwhile, LG stated its home entertainment division saw operating income increase 5% year-on-year.
Sales of LCD TVs increased year-on-year in regions such as North America, Europe, Asia and the Middle East, LG stated, adding it expects sales of 4K Ultra HD TVs and commercial digital signage products to grow, while market demand for monitors and AV products is expected to slow.