LG ships record breaking 14.5m smartphones to record highest profit since 2011

LG has retaken its seat at the smartphone industry’s top table after various launches helped push its device sales to record its highest quarterly profit in over three years.

Related: LG G3 vs Samsung Galaxy S5: Full spec comparison

The Korean company shipped a record 14.5 million smartphones in Q2 2014 with North American sales a particular boon with a rise of 39 per cent compared to the previous quarter and it all resulted in a first quarterly profit for the mobile business in a year.

It meant LG recorded a rise in operating profit of 26.5 per cent to 606 billion won [£346 million] that outstripped Thomson Reuters analyst estimates of 524 billion won [£300 million], marking the highest figure since 2011 – and the best could be yet to come.

"We don't expect [mobile] profit to turn negative like last year," said CFO Jung Do-hyun at a conference following the results, according to Reuters. "We expect further improvement."

The heady optimism surrounding its mobile business comes from the success of its G3 smartphone and company VP Yoon Bu-hyun talked of a “very positive” reception for the smartphone in the US that has been “even better than [we had] expected”.

"A key factor to watch is how well the G3 smartphone fares in the United States, but the outlook appears to be bright given the second-quarter numbers," said HMC Investment analyst Greg Roh.

LG launched the G3 back in May and it is in the upper echelon of Android handsets alongside the Samsung Galaxy S5 and HTC One M8 smartphones.

It has a 5.5in Quad HD display with a 554 ppi pixel density that is powered by a Qualcomm Snapdragon quad-core 801 processor clocked at 2.46GHz and supported by 2GB of RAM and 16GB of onboard storage that can be expanded using a microSD card.

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Our own review gave it an impressive 4.5 out of 5 stars and consumers have reacted positively to a device that could signal a purple patch for the firm’s smartphones.