Firm also reports 5.3 per cent growth in its TV business

LG doubles profits thanks to record smartphone sales in Q3

LG’s third-quarter profits have more than doubled compared to a year ago, with its mobile business surging to a five-year high.

The firm reported an operating profit of 461 billion won (£273 million). Its mobile division saw 16.8 million smartphone sales in Q3 2014 – a new record for the company.

While LG does not disclose individual product sales, IM Investment analyst Kim Woon-ho estimated before the earnings announcement that LG likely shipped around three million G3 smartphones during the period.

The new flagship smartphone comes with a 5.5-inch 1440×2560 display, 2.46GHz processor, 2GB of RAM and a 13MP rear camera.

LG also reported that profits for its TV business grew 5.2 per cent from a year earlier.

Back in July, PCR reported that LG had created two 18-inch OLED panels, one that is flexible enough to be rolled into a cylinder, and another that is transparent.

The firm said it was confident that by 2017, it will successfully develop a 60-inch Ultra HD flexible and transparent OLED panel, ‘thereby leading the future display market’.

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