Despite scoring higher smartphone revenue and shipping 10.3 million smartphones, LG's Q1 2013 profit has taken a hit as it fell 22 percent to US $322.8 milion.
Net profit dropped by 91 percent year-on-year to US $20.3 million and despite lower overall profit, it still did better than in the previous quarter where it took hit ot US $100 million operating profit and US $427 million net loss. The main culprit for lower profits is actualy LG's TV department and despite seeing increased sales of LCD TVs in both Europe and China, it took a big hit mostly due to stronger competition. LG hopes that recently released Smart, 3D, and UHD TVs will bring some relief in future quarters.
The shining star of LG is actualy its smartphone business that managed to score big with impressive sales of Optimus G, Optimus G Pro, Optimus L series and the Nexus 4 smartphone that got them a year-on-year increase of 28.5 percent adding up to US $2.96 billion of revenue. It managed to ship 10.3 million units of smartphones and made an impressive "almost" four-fold operating profit increase compared to US $122.69 million in the same period last year. LG hopes that these will increase and provide even more impressive next quarter once Optimus G Pro and Optimus F series roll out in the rest of the world.
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