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LG Announces Q3 2014 Earnings at Dollar 194 Million
Although, LG has been one of those companies which has been eccentric in high and mid-range smartphone businesses around the globe, the Q3 2014 earnings of the company surprisingly showed a degrading figures.
As the South Korean tech giant announced its earnings for Q3 2014 recently, the lucidly diminished figures revealed the net profit of 203 billion Won (Approx. $ 194 million) with operating profits of 461.3 billion Won (Aprox. $ 449.61 million).
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If compared to the last quarter, both the operating profits and net profits earned by LG in the Q3 were down. However, compared to the Q3 2013, these have doubled.
Talking after bifurcating the different operating sectors in the company, mobile communications sector earned operating income of 167.4 billion Won (USD 163.16 million) and Sales of 4.25 trillion Won (USD 4.14 billion), a 39% increase YoY (year over year) and 17% increase QoQ (quarter over quarter). LG reportedly said that these figures were the highest in the company's history since the third quarter of 2009.
According to the reports online, LG shipped 16.8 million mobile phone units in the Q3 2014, 39% more sales YoY and 16% QoQ. Sales increased due to the increased G3 sales and stronger L-Series sales in North America by 39% QoQ, Improved LTE sales by 114% YoY and by 25% QoQ due to the global launch of G3. Total shipments in domestic market decreased by 22% QoQ due to weaker demand.
LG has seen a massive growth in the sales of the G3 smartphone and further has planned to improve its presence in the 4G market as well.
Stay tuned to GizBot for more updates!
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