LG has released its financial results for the first quarter of 2013 and the outcome is mixed. On one hand, LG has recorded its highest smartphone sales ever and on the other, it has seen TV sales plummet.
LG has recorded a Q1 2013 operating profit of 350 billion Korean Won (323 million USD) and a net profit of 22 billion KRW (USD 20.3 million). These declined slightly from the same period last year. However, revenues increased 6.8 percent to KRW 14.10 trillion (13 billion USD) mostly due to record-breaking smartphone sales.
Over the past three months, LG shipped 10.3 million smartphones. This has no doubt been helped by the brilliant Nexus 4, Optimus G and the LG Optimus G Pro, which is very popular in LG’s home country, South Korea. LG will be buoyed by these results and although they won’t be making Samsung or Apple sweat, they will raise some eyebrows.
Now for the bad news, LG’s Home Entertainment Department disappointed slightly, mainly due to the poor performance of Plasma TVs. LG hopes that the release of 4K TVs and the new 3D Smart TVs will bring with them an improved performance in the market.
With the LG Optimus G Pro set for a wider release this quarter, LG will also be hoping for even better results in the second quarter.
Planning on picking up the LG Optimus G Pro? Is LG setting itself up to for a firm No.3 position in the smartphone business?