Life is good for LG. How good? 450$ million dollars in the bank good. The company that was once synonymous with home appliances has reinvented itself into a smartphone manufacturing juggernaut. LG Electronics has just announced their third quarter earnings which saw an operating profit of $450 million, in big part thanks to their record breaking 16.8 million Android phone sales. The company has doubled their year over year profits and isn’t expecting to slow down anytime soon. They announced that they expect to strengthen their positioning in the budget smartphone market with its L Series III models, despite the landscape becoming more competitive.
LG is doing well in the component business as well, spurred by the good performance of its mid-range and high-end devices, including the G3 and its variants, G3 Beat and G3 Screen. LG Display recently announced good earnings as well, while LG Electronics recently announced its first smartphone processor designed in house, the Nuclun.
On thursday we’ll find out exactly how much of the pie LG has taken away from their Korean counterpart Samsung. Samsung is set to release their third quarter earnings and it’s expected to be bad, and even Samsung has admitted that it will be worryingly bad.
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