LG Says 16.8 Million Smartphones Sold in Q3

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 LG Smartphones Sold in Q3

South Korea’s LG Electronics Inc on Wednesday said its July-September running profit greater than doubled from a 12 months earlier as income from its mobile trade surged to a 5-yr excessive.

The sector’s No. 2 tv maker after domestic rival Samsung Electronics Co Ltd mentioned earnings for its television business grew 5.2 % from a 12 months past, whereas smartphone shipments rose to a recent record.

“LG’s revenue mirrored robust efficiency from its cellular industry,” the company stated in a remark.

LG reported an operating revenue of KRW 461 billion (roughly Rs. 2,600 crores), higher than a KRW 454 billion mean estimate from a Thomson Reuters I/B/E/S ballot of 36 analysts.

LG’s cell division grew to become a KRW 167 billion (roughly Rs. 970 crores) running revenue, its highest because the third quarter of 2009 and in comparison with a KRW 79.7 billion (roughly Rs. 460 crores) loss at 12 months ago, thanks in part to sturdy shipments for the flagship LG G3 (assessment photos) smartphone.

The pickup contrasts with home rival Samsung, which is predicted to document its weakest quarterly working revenue in additional than three years on Thursday, following a lackluster run of new product launches.

LG Says 16.8 Million Smartphones Sold in Q3; Profit More Than Doubled

While LG does now not expose particular person product numbers, IM funding analyst Kim Woon-ho estimated prior to the income disclosure that LG probably shipped a bit over 3 million G3s all over the duration.

LG mentioned it shipped 16.8 million smartphone all the way through the 1/3 quarter, a report but neatly under Samsung, which some analysts estimate shipped greater than 80 million units.

LG’s television division pronounced a KRW 131 billion (roughly Rs. 760 crores) working revenue, in comparison with KRW 124 billion (roughly Rs. 700 crores) a 12 months in the past as sales of excessive-finish products like ultra excessive-definition TVs grew. On Tuesday the corporate mentioned it will wind down its plasma tv industry by way of end-November, signaling an imminent demise for a expertise that has been overtaken by way of liquid crystal show.

Shares of LG Electronics prolonged beneficial properties following the consequences and were last up 4.2 % in afternoon alternate when put next with a 1.7 % rise for the broader market.