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LG Turns Corner In Q2

LG, like rival Samsung, is an enormous consumer electronics company. In case you didn’t know, they started out as Lucky Goldstar and to this day still make everything from air conditioners, to microwaves to wireless phones.

After two bad quarters, LG finally posted a net profit of $99.6 million dollars company wide. They had a total operating profit of $145.8 million. This accounted for a 21% increase from the previous quarter and a 25% increase from the same time last year.  LG attributes this to their TV business and reduced losses from their wireless department.

More after the break

LG’s wireless business saw an 11.6% increase in sales last quarter to 3 billion. This came out to a loss of only 49.8 million which was a reduction by almost half from Q1 2011.  LG has had a rocky past few quarters with their wireless business. Last year they changed their management team. Also they had a bold forecast for 20 Android devices in 2010 and didn’t end up hitting that mark.

This year, with the LG Optimus Black, LG Revolution, LG Optimus 2X (G2X) and the LG Optimus 3D (Thrill) they seem to be on a comeback.  LG release two 3D Android devices this year, the LG Optimus 3D and the LG Optimus Pad/G-Slate.

The LG Optimus 3D was released internationally earlier in the year. LG is currently ramping up a huge release for the Optimus 3D in the states which will be available very soon from AT&T as the “LG Thrill”. LG’s marketing arm for wireless devices has set up various 3D events nationwide, including the most recent a Jane’s Addiction concert. At the concert 100 lucky fans got to use an LG Thrill to video tape the concert from their perspective using LG’s 3D cameras. The entire experience will be available on Youtube the first week in August.

LG is offering a great value proposition with their LG Thrill as it’s only $99, one hundred dollars less than the HTC Evo 3D on Sprint.  Although not confirmed, it’s believed LG has at least  3 more handsets waiting in the wings and a possible 10″ tablet.

source: Fierce

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