10/29/2014 6:30:00 AM
LG reports worldwide smartphone sales of 17m
LG said smartphone sales of 16.8m for the third quarter were the major reason behind a 7.4% year-on-year revenue increase. The manufacturer recorded an operating profit of KRW 461.3bn ($449.61m), more than double 2013’s figure.
The smartphone sales in the third quarter were up 39% year-on-year and 16% up on the previous quarter. The communications unit of the firm had total sales of KRW 4.25trn ($4.14bn) and operating income of KRW 167.4bn ($163.16m) which were the highest in the company’s history since the third quarter of 2009. The manufacturer said that building on its momentum and two consecutive profitable quarters, it expected to strengthen its positioning in the smartphone market with its G Series and L Series III models despite the landscape becoming more competitive.
Dominic Sunnebo, global strategic insight director at Kantar Worldpanel ComTech, believes that the UK market has contributed to the manufacturers impressive figures: ‘LG has made a lot of progress in the past year they’ve gone from 2.8% to 3.9% in marker share, making them one of the fastest growing brands in the UK. Products such as the G3 have been very successful for LG, they are around 20% to 30% cheaper than the competition which previously has effected profit, but clearly these results show that they’ve managed to turn that around.’