LG with surprising Q1 results, will focus on smartphones in Q2

LG announced the financial results for Q1 of 2010. Their global sales and profit are lower than expected as they have concentrated on developing products and sales channels in emerging markets. They expect a turn for change as they refocus back on smartphones in Q2 2010.

Handset shipments grew by about 20% to 27.1 million units as compared to the same quarter last year. Despite increased shipments, profit fell on year on year basis (19.7%) due to the heavy focus on emerging markets.

LG are keeping their chins up though and they've got big plans for the next quarter - a 5% growth in shipments compared to Q2 of 2009 and a "double digit" growth compared to this quarter. They also plan to bump up the profitability with new products and an emphasis on smartphones.

The big winners for Q2 are expected to be the LG GT540 Optimus, the LG VS740 (another Android, the LG LU2300 most likely) and the LG Cookie2 (from the report it isn't quite clear which of the multitude of Cookies it is).

Check out the whole performance results PDF for more numbers and info on the other departments of LG.