South Korea’s LG, which was getting a good kicking from its rivals, is now back in the black and is making a killing.
LG said its July-September operating profit more than doubled from a year earlier as earnings from its mobile business surged to a five-year high.
Profits for its TV business grew 5.2 percent from a year earlier, while smartphone shipments broke all sorts of records.
“LG’s earnings reflected strong performance from its mobile business,” the company said in a statement.
LG reported an operating profit of $440.21 million which was much better than what had been predicted by the cocaine nose jobs of Wall Street.
LG’s mobile division turned a $0.1 billion operating profit, its highest since the third quarter of 2009 and compared with loss a year ago, thanks in part to strong shipments for the flagship G3 smartphone. It is likely that LG likely shipped a little over 3 million G3s during the period. LG said it shipped 16.8 million smartphones during the third quarter.
The pickup contrasts with domestic rival Samsung, which is expected to report its weakest quarterly operating profit in more than three years later this week.
LG’s TV division did well thanks to sales of high-end products like ultra high-definition TVs.
