LG sees profits and sales soar in 2014

LG had a great year in 2014 according to their latest financial results with both profits and device shipments seeing massive increases.

The company announced a net profit of $474 million for 2014, which may not sound like much but it’s up 125% compared to one year earlier. What’s really interesting is that LG managed to ship a large number of phones in Europe and emerging markets.

In fact LG sold just shy of 60 million phones, despite declines in North America, which is nearly 25% more than what it managed to sell back in 2013. All this while competition was stronger than ever and while bigger companies were losing marketshare and profits.

The company also managed to have a successful year thanks to its TV business which grew 31% year over year, again seemingly against the rest of the market.

As for what’s coming next, LG looks set to further push its brand into developing markets and focus on “selective key markets”. We’ll likely see LG redistribute some of its efforts from North America to other place where it’s seeing greater success.

Meanwhile we’ll be curious to see how their upcoming Flex 2 flagship stacks up to the competition once it’s finally released.

Source: LG