LG reveals Q1 2012 financial results, has turned the corner

LG has announced its financial report for the Q1 of 2012 and things are looking good for the Korean tech giant.

The company reported consolidated sales of $10.78 billion, which is 7.1% and 11.5% lower compared to the previous quarter and the same period last year respectively. However, that's expected , due to the slow nature of the period which comes right after the holiday season. Consolidated net profit, on the other hand, is up at $214.3 million.

Handset shipments decreased by 22% quarter-over-quarter to 13.7 million unit and revenue from the division declined 10% compared to the previous quarter to $2.2 billion. Nevertheless, the division remained profitable, due to increased smartphone sales portion and the host of LTE-rocking phones it offers.

In fact, the Optimus Vu and Optimus LTE were the highest selling devices for the company. As for Q2 of 2012, LG doesn't expect the demand for handsets to increase dramatically. LTE smartphones will continue to be more desired in the developed countries as the European market prepares for the wider availability of LTE networks.