LG physical science INC. aforementioned Wednesday its third-quarter profit nearly doubled from a year earlier when it sold-out a record variety of smartphones.
The South Korean company continuing to grate its larger rival Samsung physical science Co. ’s market share for mobile devices, notably reception. however globally, LG is troubled against Apple INC. and faces a more recent challenge from fast-rising Chinese French telephone manufacturers.
LG aforementioned its profit for the 3 months finished Sept. thirty rose eighty seven to 203 billion won ($194 million) from 108.5 billion won a year earlier.
The company sold-out sixteen.8 million smartphones throughout the quarter, up thirty ninth from twelve million sold-out a year earlier and a record for the corporate. in operation profit doubled to 461 billion won, with the mobile division accounting for over a 3rd of profits, the corporate aforementioned.
Following its second consecutive quarter of profit within the mobile division, LG aforementioned it'll continue a two-track smartphone strategy spearheaded by the company’s premium G series and cheaper L series models.
Local analysts estimate LG’s world market share came near five-hitter within the latest quarter, a shade higher from last year’s levels. however a continuing tug of war is anticipated against upstart Chinese brands like Xiaomi INC., that is calculable by analysts to own sold-out the same variety of smartphones as LG throughout identical amount.
LG is healthier positioned in South Korea, wherever it grabbed a twenty seventh French telephone market share within the third quarter, its highest in years, and up from simply eighteen a year earlier, consistent with Counterpoint analysis. throughout identical amount, Samsung’s share slipped to hr from sixty six, consistent with identical estimates.
LG executives hope the progress it's creating reception can translate into overseas sales.
“Before, they [overseas partners] didn’t even spare North American country a look. But now, most carriers take our merchandise with none doubt,” aforementioned Chris Yie, a vice chairman for selling at LG’s mobile division, aforementioned in a very recent interview.
The number of world carriers that placed orders for LG’s latest G3 smartphone at launch was roughly one hundred seventy, up by half-hour from the previous model, Mr. Yie said. the massive four U.S. medium companies—Verizon Communications INC., AT&T Inc., T-Mobile North American country INC. and Sprint corporation.—all sell the G3. Analysts estimate Samsung to own had roughly two hundred carrier partners for the launch of its latest top-of-the-line model, the Galaxy S5.
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