LG Closes Third Quarter Earnings with Record-Breaking Smartphone Shipments
Mobile business revenues surge 39 percent with nearly 17 million smartphones sold
LG Electronics (LG) 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 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).
At the 2014 Red Dot Design Awards recently held in Essen, Germany, the LG G3 smartphone was given the “Best of the Best” award after winning a total of nine awards in the Communication Design category. Details on this award here.
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 (see image below), 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 (see image below). 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.”
More stories on the LG G3:
- LG G3 Quick Review
- Five Key Features of the LG G3 Cameras
- LG G3: Officially Here, Awesome as Advertised
- Get the LG G3 on Globe Postpaid Plan 1799
- Simple is the New Smart: LG G3 to be available under Smart Pospaid
- LG G3’s Cutting Edge Features Garder Prestigious Awards
- LG Flagships through the years, from the LG Optimus G to the LG G3
For more information about LG Mobile’s innovative product line, visit www.lg.com/ph, www.lgblog.com.ph, or www.LGnewsroom.com; like LG Mobile’s official Facebook page ‘LG Mobile Philippines’; or follow @LGPhilippines on Twitter and Instagram.