The Cupertino tech giant revealed this week that iPhone sales for fiscal Q1 2015 are up a massive 46 per cent, compared with the same period year-on-year, helping it to report a record $74.6bn in revenues.
And it appears LG has also been riding that smartphone wave judging by its full year results: overall net profit stood at KRW501.4bn (£302m) for the 12-month period, up a huge 125 per cent on its results for 2013.
The Korean company's performance was enhanced by a 16 per cent revenue growth from its mobile division, with a total of 59.1 million LG smartphones shipped throughout the past 12 months – up 24 per cent on 2013.
Meanwhile, LG's home entertainment division saw annual profits grow 31 per cent, with demand for TVs helping to drive Q4 revenues and fuelling its optimism that OLED and Ultra HD technology will grow even further this year.
On smartphones, LG said: "Expecting a challenging year ahead with greater competition globally from various manufacturers, LG will concentrate on improving its brand power, operating more efficiently, and focusing on selective key markets."
More after the break
LG's Korean rival, Samsung, didn't fare quite so well in 2014 however, with operating profit down 32 per cent from KRW36.79tn (£22.2bn) in 2013 to KRW25.03tn (£15.1bn) – and it's the smartphone market that appears to be causing it problems.
IT and mobile communication sales dropped 19 per cent year-on-year, with Samsung predicting the first quarter of 2015 to see a continued decrease in smartphone and tablet demand. It also anticipates greater market competition.
In terms of consumer electronics, Samsung's annual sales were down 10 per cent but it is expecting TV demand to increase – albeit after the first quarter – as more people make the move towards Ultra HD 4K screens.