LG released their third-quarter financial results and the news is good for the Korean manufacturer. In particular, LG Mobile Communications Company reported their third-quarter revenue increased by 24 percent compared to the same period last year. This was generated off of shipments of 12 million smartphones, although LG did indicate profitability and average selling price were impacted by competition and their marketing investments. LG probably helped their cause with the new LG G2, which may not be the top phone on the market right now, but it certainly provides a viable option for buyers who may be growing increasingly wary of either Samsung or HTC products. LG anticipates they think they will be able to continue to capitalize on sales of the premium LG G2 device and supplement that with mid-tier products like the L II and F series devices during the holiday season.
The company as a whole posted revenues of KRW 13.89 trillion ($12.51 billion USD) and operating profit of KRW 217.80 billion ($196.34 million USD) during the third quarter. This was an increase in operating profit of 27 percent compared to the same period last year. As we have watched HTC continue to fade away over the past couple years, we might be witnessing LG’s rise to a position as Samsung’s main rival in the Android device market.