LG Electronics doubles profits and finally makes money with smartphones again

A strong local currency, TV sales ahead of the World Cup in Brazil and a finally profitable smartphone business has helped the Korean Electronics giant to double profits for the quarter.

The company is going to continue to increase the marketing spend in the mobile segment in order to grow market share but that is not supposed to impact the profitability going forward according to executives.

Here are the financial highlights:

  • Revenue: $14.97 billion
  • Profit: $400 million, up from $151 million a year ago

The company sold 14.5 million phones and the profitability is mainly down to increasing the share of their flagship phones. The G3 has been a success since launching a few month ago, it is feature packed and leading the market in terms of display quality / resolution. A G3 Pro is expected later this year as the company does not want to give up the feature lead it has in some areas over Apple and Samsung with their Galaxy and iPhone models.

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