Wednesday, October 24, 2012

LG Electronics Smartphone Sales Up

LG Electronics

South Korean consumer electronics maker LG Electronics Inc. reported a third straight quarterly profit on Wednesday as it sold more smartphones designed for faster wireless networks.

The maker of Optimus G smartphones lost money in the last two quarters of 2011 before returning to profit in the first quarter of this year when the mobile communications division made a small profit.

LG credited demand for smartphones that run on faster "LTE" networks, which are taking off in South Korea, Japan and the United States. It sold 14.4 million mobile phones during the three months, with smartphone sales accounting for half of the volume. More than 70 percent of its mobile revenue came from smartphone sales.

Although its mobile profit and smartphone sales still pale in comparison to those of Samsung Electronics Co. and Apple Inc., the latest result puts LG among the few global mobile manufacturers that are on track for a recovery. Nokia and Research In Motion are still struggling to pull off a turnaround.

Source: The Associated Press Via: Google Hosted News