updated 07:45 am EDT, Wed July 24, 2013
LG stays profitable on the back of strong smartphone sales
LG has reported its second quarter results for 2013 returning a net profit of $139 million, almost in line with its results for the same period last year. A bright note for the company was it set a record for smartphone sales, shipping 12.1 million units worldwide. The company has started to make its mark in the Android space dominated by archrival Samsung with phones like the Optimus G, G Pro and Nexus 4 all boosting the company's brand profile.
Its home entertainment division raked in $4.91 billion, which was an increase of 6.4 percent from the previous quarter. However, an extremely competitive market and razor thin profit margins meant that the group contributed little to the company's net profit for the quarter. In its statement, the company said that it is pushing into the nascent Ultra HD TV and OLED TV segments to help drive revenue in new markets.
Looking forward, LG is pinning its hopes on continued rapid growth in the mobile space with its Optimus L-series II and F-series devices helping to drive the company's profit while it struggles with tough conditions facing its other divisions.