South Korean manufacturer LG is putting pressure on its compatriot Samsung after it posted sales of 14.5m in the second quarter, breaking the company’s previous sales record.
The 14.5m figure marks a sales increase of 20pc from the same time last year while being 17pc better than the previous quarter with substantially more net profit.
LG’s total finances made from sales totalled 3.62trn Korean won (€2.6bn), giving the company its most successful quarter since the first quarter of 2010, when it posted an operating profit of just under €62m, according to Re/code.
This new-found success has been attributed to the slow-down in innovation from the more popular handsets on the market, particularly from Samsung, which has seen sales in certain regions slip in recent quarters, despite the launch of its latest flagship phone, the Galaxy S5.
The Wall Street Journal estimates LG has shipped 900,000 units of its own flagship phone, the G3, beating original estimates, which had the company down to selling closer to 500,000 units.
The question remains, however, how LG plans to address the third quarter this year, with Apple to launch the so-called iPhone 6, and Samsung to reveal its latest edition of the Galaxy Note.