While we all know that LG’s popularity in the smartphone world is no match to that of Apple, Samsung, or HTC, some recent financial reports are solid proof that Koreans are not doing that bad after all.
The company’s Q1 2012 profits in the mobile sector have doubled year-over-year and have significantly increased for the second quarter in a row. It’s true, earnings and profits are still far off from, say, Samsung’s numbers, but LG is clearly making some important steps forward.
The most recent report to prove that LG is doing pretty well financially involves total LTE smartphone sales, which have supposedly already reached 3 million worldwide. That may not be a lot compared with what Samsung’s Galaxy S2 has sold by itself, but considering that there are currently only 20 markets supporting LTE (and just two important ones, the US and Korea), the number is at least satisfying.
Verizon’s Revolution was the first ever LG smartphone to support 4G LTE speeds, but the Optimus LTE, launched at the end of 2011 in South Korea, has been the company’s star so far. The original Optimus LTE, already refreshed with a second edition featuring 2 GB of RAM, has accounted for more than a million sales, while the Revolution, Nitro HD, Spectrum, and Optimus Vu have not proven that popular, selling less than 2 million devices combined.
As for future plans involving LTE, LG has announced its move into 10 LTE additional markets by the end of the year. The company hasn’t mentioned any locations where they are intending to sell 4G LTE phones in 2012, but we’re suspecting several European countries, including the UK, to be on the list.
Check out LG’s full press release (in Korean) announcing the LTE sales at this link, and hit us with a comment below with your opinions on the company’s financial report and whether it can be called a success or failure.