LG reports profit as smartphone sales increase

As LG continues to innovate in the smartphone space, with shipments of the LG G3 just hitting store shelves, the company expects more sales in the third quarter.

Image: CNET/CBS Interactive

LG Electronics posted its second quarter 2014 performance results, with things looking up for the Android smartphone, entertainment, and appliance maker.

The South Korean electronics giant reported Thursday fiscal second quarter net profit of $399.8 million. 

LG reported their highest quarterly operating profit since 2011, an amount of $588.5 million, up by more than 26 percent year-over-year.

During the three-month period, ending June 30, the company shipped 14.5 million smartphones, a 20 percent increase on the year-ago quarter.

Specifically in LG's mobile division, which generated $83.4 million in operating profit during the quarter, put an end to three consecutive quarterly losses, the company said.

Considering its flagship LG G3 just now hitting store shelves, it's likely LG will see greater shipments in the coming third quarter. The LG G3 has earned very high ratings from reviews, and may well be the best Android smartphone currently available.

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