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.

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