LG sells 16.8M smartphones in Q3, posts record profits
LG had a record-breaking quarter, mostly on the back of its smartphone division. It sold 16.8 million smartphones, a record for the company, and the phone division saw the best revenue and operating income since the third quarter of 2009.
In the third quarter of this year, the LG Mobile Communications Company recorded revenue of $4.14 billion and made an operating income of $163 million on that. LG credits the success of its G Series and L III Series for this third consecutive quarter of growth.
The numbers may not sound like much (it's matched by Huawei and beaten by Xiaomi), but LG is growing quick – smartphone sales for the quarter increased 39% compared to Q3 last year and 16% compared to Q2.
The other divisions of LG saw their revenue decrease a bit, but they have trimmed some fat. The LG Home Entertainment Company brought in $4.59 billion in revenue (down 3% year on year) and earned $127 million (up 5% year on year). The improved margin is thanks to a better product mix, LG expects 4K UHD TVs to continue to grow.
The LG Home Appliances Company saw revenue dropped slightly (to $2.84 billion) and a lower operating profit ($50.5 million). The Air Conditioning & Energy Solution company is LG's smallest division, bringing in $902 million in revenue and posting an operating loss of $2.44 million.
All told LG has revenues of $14.54 billion (up 7.4% year over year) and an operating profit of $449 million, more than double what LG managed in Q3 last year.