LG Electronics has announced their earnings for Q2 2014, in which it has reported net profit of 412 billion Won (US$ 399.8 million) with operating profits of 606 billion Won (US$ 588.5 million). Mobile communications sector earned revenues of 3.62 trillion Korean Won (US$ 3.51 billion), 16% increase YoY. The company has put an end to three consecutive quarters of losses in the mobile division.
LG shipped 14.5 million units of mobile phones in Q2 2014, 20% more sales YoY and 18% QoQ. Sales increased due to the introduction of LG G3 in the Korean market and strong sales of L Series III smartphones. LTE smartphones sales in Q2 2014 increased by 123% YoY, and by 4% QoQ due to the launch of G3 and new models in mid-range segment. In North America shipments increased by 39% QoQ and shipments in Korea market increased by 17% QoQ due to strong G3 sales, said the company.
LG plans to expand G3 to more markets, including LG G3 Beat that was introduced recently in Korea. It also plans to introduce more L Series models. It expects smartphone market to grow continuously, especially for the LTE market in the next quarter.