LG makes history by setting a new sales record of 12.1M smartphones in second quarter of 2013. Earnings report shows 10.1 percent year-over-year gain in revenues now at $13.58 billion (KRW 15.23 trillion) and net profit is $139.04 million (KRW 156 billion).
LG has released its second quarter financial results. The Korean tech giant is proud to announce that it sold record 12.1 million smartphones during April-June 2013. LG has not sold such a huge number of smartphones before and this sales figure is highest ever in company's history.
LG earned $13.58 billion (KRW 15.23 trillion) revenues in 2Q 2013 at 10.1 percent year-over-year increase. Operating profit is reported $426.92 million (KRW 479 billion). Net profit gained is $139.04 million (KRW 156 billion) which is a little less than second quarter of last year but slightly improved from first quarter of current year.
On the other hand, LG Mobile unit has vastly improved its profit percentage in the second quarter by 34.5% from same quarter of last year. Revenue earned by mobile unit is $ 2.78 billion (KRW 3.12 trillion). This big increase is only possible due to the record 12.1M smartphones shipments that set a new quarterly unit sales record for LG. Operating profit is also increased to YoY $54.37 million (KRW 61 billion) but decreased in quarterly trends as compared with last quarter. The company said the reason for this is 'weaker demand in the Korean market, lower average selling price due to increased competition, and higher marketing investments.'
The company is expecting to drive sales growth via L-Series II and F-Series smartphones while G Pro and LG G2 products are expected to compete in the market.