Korean electronics firm LG has announced its first-quarter financial results, revealing that it shipped 12.3 million smartphones in the first three months of 2014, a 19 percent increase year-on-year. That figure includes 5 million LTE phones, the most the company has shipped in a single quarter, up 79 percent from the same quarter in 2013. Revenues from LG's mobile business reached 3.41 trillion Korean won ($3.19 billion), up 6 percent year-on-year. Higher revenues are expected in the second quarter with the launch of the LG G3 and L III series.

LG as a whole saw net profits increase 300 percent year-on-year, reaching 92.60 billion won ($86.62 million) while operating profit of reached 504 billion won ($471.47 million), which the company attributed to improved profitability from its home entertainment business. LG Home Entertainment's operating profits "exceeded expectations due to stronger sales of larger-sized TVs and better cost structure resulting from declining material prices."

Source: LG