LG exceed expectations for Q1, seemingly unaware of recession

LG brought home their Q1 report card today and it's all A's. They've managed a good 2.8 billion USD out of handset sales, which exceeded even their own expectations, and are doing 22.6% better than last year.

As far as units shipped LG indeed had a lower score of 22.6 million phones, which is a 7% decline as compared to the previous quarter.

The strongest sellers were midrange phones like the LG Cookie and LG KS360. The KS360 is a surprise - apparently teen's buying power shouldn't be underestimated even in harsh economic times.

Having a firm footing in the midrange, LG plans to push into the high-end segment and achieve a 10% growth during the next quarter. Leading the push will be the likes of the S-Class UI touting Arena, the updated Viewty - the Viewty Smart, as well as the stylish GD900 Crystal.

LG is also trying to widen its market share in North America with the Xenon and Neon, which are available for AT&T (the Neon is available for Rogers as well). Both are messaging oriented and while the Neon is the KS360's twin brother, the Xenon has grown-up looks.

These plans seem optimistic as LG predict the market will shrink 10% this year, coinciding with Sony Ericsson's prediction. On the plus side, LG employees can breathe a sigh of relieve - there's no talk of cutting jobs here.

For more numbers and info on the LG Q1 2009 report check out their website.