Momentum from smartphone sales continues for LG Electronics, as the manufacturer shipped a record 16.8 million smartphones during the third quarter, breaking its old record of 14.5 million units shipped. LG says its G series and L series smartphones have helped strengthen its position in the smartphone market, despite heavy competition.
As of the second quarter, LG is the fifth-largest manufacturer in terms of shipping, with 5.2 percent market share, according to IDC. LG is among many smaller manufacturers that have been gaining ground in the smartphone market this year, including Huawei, Lenovo and Xiaomi, which have consistently taken market share from major players such as Samsung and Apple.
The Korean manufacturer reported consolidated revenue of $14.54 billion and a profit of $449.61 million, largely crediting its continued success to it smartphone sales. In the last quarter, LG launched a number of devices, including the LG G3 Stylus, a midrange phablet that includes a capacitive pen, and the LG G3 Screen, LG’s first device powered by its own Nuclun processor. Other devices including the original LG G3 flagship smartphone and other midrange variants such as the LG G3 Beat and LG G3 Vigor have all sold well over the past several quarters.