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LG Electronics sells over 1 mln LTE smartphones

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LG Electronics, the world's third- largest maker of mobile phones, said Wednesday that it has sold more than 1 million units of smartphones based on long-term evolution (LTE) technology.

Global sales of Optimus LTE smartphone, which is currently available in the U.S., Canada, Japan and South Korea, have exceeded over one million units as of late last week, according to an e-mailed statement by LG.

First launched in October 2011, the Optimus LTE hit sales of 600,000 units in South Korea, while 8,500 units of the LTE smartphone were sold in Japan on the first day of its rollout, the company said.

"With brisk sales for a high-end smartphone, the Optimus LTE reaffirms LG's leadership in mobile LTE technology," said Park Jong-seok, president and chief executive at LG's mobile communications business.

LG hoped it could lead the LTE smartphone market in a bid to turn its money-losing mobile business into the black.

According to a report by Jefferies & Company, LG owned 23 percent of around 1,400 LTE patents filed worldwide, valued at almost 8 billion U.S. dollars. The South Korean tech firm demonstrated the LTE technology in 2007 for the first time globally, and developed the world's first LTE modem chipset in 2008.