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LG doubles smartphone shipments to 10.3 mln in Q1
2013-04-24 09:01:00| Telecompaper Headlines
(Telecompaper) LG Electronics reported a drop in first-quarter profits, as a strong improvement at its mobile phone activities was offset by weakness at the home entertainment division. Operating profit fell to KRW 350 billion from KRW 402 billion a year ago, and net profit dropped to KRW 22 billion from KRW 248 billion, hurt also by weaker results at LG Display. Revenues were still up 6.8 percent year-over-year to KRW 14.10 trillion, mainly due to the improved performance of the mobile business. Mobile revenues rose 28.6 percent from a year earlier and 14.2 percent from Q4 to KRW 3.21 trillion. Operating profit at the division rose to KRW 133 billion from KRW 35 billion a year ago. LG said it shipped 10.3 million smartphones in the quarter, more than double the amount in the year-ago period and 20 percent more than in Q4. Growth was led by its premium LTE phones such as the Optimus G, as well as the new L series phones and Google Nexus 4. LG said it expects further growth in the smartphones market, particularly in LTE, but competition will intensify as well. In the coming quarter, it aims to increase shipments with the global launch of the Optimus G Pro and full launches of the LTE F series and 3G L series II targeted at the mid to low-end segment, while also focusing on cost control.
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Category:Telecommunications