J
Jeff Causey
Guest
LG has announced financial results for the fourth quarter of 2014 and the year as a whole. The numbers help show how LG has risen to become one of the larger, more prominent players in the smartphone sector on the popularity of their LG G3 smartphone. Looking at just the fourth quarter, LG had KRW 275.1 billion ($253.31 million USD) in operating profit, which was an increase of 28 percent compared to the same period last year. That was helped by a whopping 78 percent increase in the number of smartphones shipped during the fourth quarter compared to 2013.
For the year, LG shipped 59.1 million smartphones, a 24 percent increase year over year. Despite this success in 2014, LG says 2015 will be “a challenging year ahead with greater competition globally from various manufacturers…” Along with the positive results for their Mobile Communications company, LG’s Home Entertainment Company division also reported full year operating profit that grew 31 percent over the prior year. LG anticipates they will continue to build on momentum for OLED and ULTRA HD TVs during the upcoming year. Their home appliance and air conditioning/energy solutions components also experienced improved financial performance during 2014.
Although revenues, profits and smartphone shipments all improved during 2014, the company did experience a net loss due to write-offs related to the closure of their plasma TV units.
source: LG
via: 9to5Google
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