Summary:

Record high sales of mobile phones helped double profits at the LG Electronics (SEO: 066570) handset division, the Korean conglomerate repor…

imageRecord high sales of mobile phones helped double profits at the LG Electronics (SEO: 066570) handset division, the Korean conglomerate reported today in its second quarter earnings. Mobile phone sales jumped to 3.754 trillion Korean won ($3.695 billion), up 38.6 percent from a year earlier.

LG said it shipped 27.7 million units, meaning that by some estimates including Goldman Sachs’, the Korean manufacturer has surpassed Motorola (NYSE: MOT) to become the third largest handset maker in the world, just a quarter after steaming past Sony (NYSE: SNE) Ericsson (NSDQ: ERIC), now the smallest of the big five. LG reported that North America had been a particularly strong market for them, accounting for a third of all of their sales. It also singled out premium handsets as being particularly good to them, including strong sales of touchscreen models

Comments have been disabled for this post