We know you’re excited about all these financial results, so we’ll just keep them coming. LG has managed a healthy profit overall for the second quarter, up 46% compared to the same period last year, but its cellphone business took a hit. That caused an overall decline in revenues too compared to last year, down by 10.6% to $11.16 billion. LG’s cellphone business may not be looking good, but its home entertainment section is looking better than ever.
LG sold 13.1 million phones worldwide in the second quarter, with 44% of those being smartphones, up from 36% last quarter thanks to strong LTE handset deployment. Revenues were down 27.5% year-on-year at $2.01 billion, resulting in a loss of $49.48 million for that section of the company. LG notes that it plans to rollout further LTE-enabled phones in the second half of the year across the United States and Europe that should bolster its smartphone numbers.
The other part of LG that helped offset the loss in the cellphone division was Home Appliances. Revenues increased to $2.50 billion, resulting in a third fold increase in profit to $143.23 million. That’s all thanks to a diversified product range and improved cost efficiency, and things should should continue to improve for the division despite the weak demand in developed markets.