LG had a pretty good Q2 2014 that they can be proud of. The biggest highlight for their mobile division was that they shipped a record-high 14.5 million smartphones, enough for the mobile division to turn a profit for the first time in four quarters. Those profits came on the back of $3.51 billion in sales, $83.4 million of which was pure profit.
It’s not a huge amount of money to drop into the pocketbook for a big company like LG, but a profitable business means they can continue to invest in their research and development and keep introducing the innovations that helped them to results like this. LG has made considerable strides in their phone business in the past two years.
A noticeable uptick in smartphone quality, new display features that no other company is matching (such as 4K resolution and virtually unbreakable displays) and improved software have all contributed to a product line that is now pulling as much attention as HTC’s One series. They still have some ways to go to match Samsung’s prowess, but doesn’t everybody these days?
LG made it a point to mention that it wasn’t only the LG G3 and other flagship smartphone releases that helped them to these results, though. They gave a good portion of credit to the L-Series III lineup, a collection of mid-range smartphones to fit any budget. They might not be as flashy as LG’s recent releases, but the phones seem to be good enough at their affordable price points to fill the needs of many smartphone users.
For the entirety of the company, LG pulled in 399.8 million in net profit (26% increase year-on-year) on the back of $14.93 billion in revenue (7% increase quarter-over-quarter). Let’s hope the rest of 2014 is just as good for the company because there’s nothing quite like healthy competition.