Samsung’s smartphone dominance may be slipping, but for LG it looks like things are finally picking up. The South Korean company reported strong mobile sales in its latest earnings report thanks to the flagship LG G3 as well as its cheaper offerings.
LG says it sold 16.8 million smartphones in the third quarter of 2014, up 39 percent compared to Q3 2013. Total mobile sales racked up $4.14 billion, while the company boasted an operating income of $163 million, marking a five-year record for the division. The well-received LG G3 definitely played a part in boosting smartphones sales, but the company also points to its budget-minded L lineup. LG expects both brands to continue growing in the future as LTE demand increases around the world.
Overall, the company saw a consolidated revenue of $14.54 billion for Q3 2014, marking an increase of 7.4 percent compared to latest year. Its operating profit also jumped to $449.61 million, which is more than double what it made during the same period in 2013. This includes other divisions like TV sales, home appliances and air conditioning, though it sounds like LG is pinning its hopes on growing smartphone sales to carry it through the foreseeable future.
We’re not expecting the company’s next flagship phone it make its debut until mid-2015, though it’s possible we’ll see cheaper LG handsets unveiled even sooner. Rumor has it the LG G4 could offer an upgraded 20.7-megapixel camera, though it’s still too soon to say anything concrete about the rumored smartphone.