LG Electronics has more to celebrate because its mobile electronics business has done extremely well, as the forecast-beating quarterly results makes smartphone profitability even more likely. The company shipped 14.5 million smartphones during its most recent financial quarter, with profits rising 165 percent up to $399.8 million.
Apple (41 percent) and Samsung (27.7 percent) lead the market over LG (6.5 percent), Motorola (6.3 percent), and HTC (5.3 percent), according to comScore MobiLens figures ending January 2014. Although Apple and Samsung have a strong grasp on the market, LG has shown great promise in developing new technologies to cater to North American customers.
"We don't expect (mobile) profit to turn negative like last year," said Jung Do-hyun, LG Electronics Chief Financial Officer, in a statement. "We expect further improvement."
Apple remains focused on its various iPhone models, but Samsung and other Android-reliant smartphone makers must develop technologies that don't overly fracture the market. The Android is the No. 1 mobile OS, available from multiple smartphone manufacturers, but Samsung, LG, and other companies must deal with rising competition.