LG Electronics reports 87 percent surge in 3Q profit as smartphone sales set record high

Industries Associated Press

South Korea's LG Electronics Inc. says its third-quarter profit jumped 87 percent over a year earlier as smartphone sales set a record high.

Continue Reading Below

LG Electronics said Wednesday its July-September net income reached 202.6 billion won ($193 million) on sales of 14.9 trillion won. Operating income more than doubled from a year earlier to 461.3 billion won.

LG said the solid earnings stemmed from the recovery of its handset business. Its profit exceeded that from televisions, LG's other mainstay business.

The company's smartphone shipments increased 40 percent from a year earlier to a record 16.8 million units, as its flagship G3 smartphone and mid-tier L series smartphone drove sales.

LG's mobile communications business remained profitable for a second straight quarter after three quarters of losses.