LG to Announce 20 New SmartPhones This Year

South Korea-based LG has announced that it plans to release about 20 new smartphones this year. Most of the phones will run Google's Android software. The company says it's goal is to tell 140 million handsets in 2010, which would be a 20% increase from last year.

LG's fourth quarter (September to December 2009) profits were $256 million. That's quite an improvement considering the company had a $487 million loss during the same quarter in 2008. Even so, analysts had predicted the company to make $344 million.

LG is the third-largest handset maker in the world behind Nokia and Samsung, however it entered the smartphone industry pretty late in the game. Because of this, the company has focused on making high-end devices. Analysts predict the recovering global economy and increased consumer demand will help the company continue to post a profit.

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