LG has plenty to be excited about, as the South Korean manufacturer's financial results for 2014 indicate that it sold 59.1 million smartphones in 2014, an increase of 24 percent from the previous year. LG's net profit of $474.81 million marked an increase of 125 percent from 2013, with revenue itself increasing by 1 percent from 2013 to $55.91 billion.
LG's third quarter – during which the vendor sold 16.8 million smartphones – was its best in five years. Yearly revenue for the mobile division increased by 16 percent to KRW 15.06 trillion ($14.26 billion), and quarterly revenue for Q4 saw a modest increase of 5 percent to 3.78 trillion ($3.48 billion) from the same period in 2013. LG attributed the growth to increase in shipments in North America by 78 percent during the fourth quarter of 2014 when compared to Q4 2013.
Looking at LG's fourth quarter as a whole, the company posted a revenue of KRW 15.27 trillion ($14.06 billion), with an operating profit of KRW 275.1 billion ($253.31 million), an increase of 28 percent from the same period the previous year. The closure of LG's plasma unit meant that the manufacturer posted a net loss of $189.41 million during the fourth quarter.
In the mobile segment, the South Korean vendor said that it was expecting a "challenging year ahead with greater competition globally from various manufacturers," with LG set to focus on "improving its brand power, operating more efficiently, and focusing on selective key markets."