LG Electronics No. 3 mobile phone company in Q1

May 26, 2014 - 12:03:19 pm

SEOUL: LG Electronics Inc. snatched the world's No. 3 spot in earnings from mobile phone sales in the first quarter of 2014, the first such time for the South Korean tech firm, a report by a U.S.-based research company showed Monday.

According to Strategy Analytics, LG Electronics sold more than US$3.18 billion worth of mobile phones in the three-month period, placing it after Apple Inc. and Samsung Electronics Co. 

Apple's earnings stood at $26 billion, with numbers for Samsung reaching $23.1 billion. 

Apple accounted for 34.2 percent of the total earnings from mobile phone sales worldwide, followed by 30.4 percent for Samsung. LG's portion stood at 4.2 percent.

LG's handset sales were estimated to have hit 16.4 million units from January through March, placing it at fourth place overall. Samsung sold the most phones with the company's tally reaching 113 million units, followed by Nokia's 47 million and Apple's 43.7 million. 

The researcher said LG ranking in earnings was helped significantly by demand for premium phones like its G series lineup.

Beside the top three, the latest quarterly findings showed Sony's sales reaching just shy of $2.52 billion, barely edging past $2.51 billion for Nokia. 

Chinese mobile phone makers Xiaomi and Huawei Technologies Co. stood at sixth and seventh place, respectively, in terms of sales volume measured in dollars.

For the whole of the first quarter, the global mobile phone market stood at just under $75.83 billion, up 7.6 percent from $70.49 billion a year earlier, the market researcher said. (QNA)

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