LG Electronics has declared that it has broken its profit records for Q2 this year. The South Korean manufacturer saw its net and operating profits soar. It also sold almost 30 million mobile devices from April-June, over 7 million more than it had in Q1.
LG has seen both its mobile profit margins and sales soar during the recession – but its not getting cocky. The mobile manufacturer says it expects its mobile profits to dip during Q3, and that Q2 has traditionally been a good time for LG.
Key information:
- LG posted a net profit of over €630 million – up over 60% from the same period last year
- LG sold 29.8 million handsets in Q2, compared to 22.6 million in Q1
- For mobile devices, LG reports an 11% operating profit margin. This is up from 6.7% percent in Q1
- A large part of this success is thanks to its strong presence in the both high- and mid-level mobile devices
- LG also posted huge profits in the TV market… but we’re not really interested in that here at GoMo.
What we think?
LG first claimed that it’s mobile sales had been climbing, despite the recession, back in mid-June. Back then it claimed it was planning on overtaking Samsung by 2012. Given its huge strides in both the mobile and television manufacturing markets, that really wouldn’t surprise.
