LG (SEO: 066570) said it achieved an all-time sales record in the second quarter due in part to selling a record number of mobile phones, despite the economy hurting the overall market for phones. Release.
The South Korean electronics manufacturer explained in a WSJ earlier this week how the company has increased mobile phone sales. It appoints a single person to be responsible for each of the 50 mobile phones it ships each year, thereby increasing responsibility and enabling the company to adjust quickly to market demands.
|2Q 2009||2Q 2008||Analysts Estimates For 2009|
|Net Income||1.15 trillion won ($888B)||707 billion won|
|Revenue||14.5 trillion won ($11.2B)||12.74 trillion won|
Mobile phone performance: The technique is clearly paying off. The company sold 29.82 million phones in Q2, setting a all-time record. LG is the third-largest handset manufacturer worldwide. LG also pointed to robust sales of TVs with liquid crystal displays. Phone sales recorded an increase of 7.8 percent year over year, and a 32 percent jump compared to the second quarter 2008. Strong sales were due to the popularity of mid-tier models such as the full touchscreen Cookie phone, the Qwerty messaging phone (LG-KS360), the multimedia Arena, the enV3 with Qwerty and the enV Touch with Qwerty.
Forecast: LG said the overall mobile phone market will likely fall by 6 percent in the third quarter compared to last year for a total of 280 million phones, but it still expects to grow due to the introduction of high-end devices. Looking ahead, LG says it expects growth to continue, and sales to jump by around 10 percent because of demand for TVs and mobile phones.