Brace for two new flagship phones from LG this year!

LG is set to launch the G5 at Mobile World Congress next month, but apparently it won't be the only flagship that the Korean phone maker is planning to launch this year, says the company's quarterly earnings report.

Having sold just short of 60 million phones last year, LG probably thinks that just one flagship phone per year won't boost its sales figures, even if it chooses not to call the incredible V10 a flagship. However, the V10 was launched towards the end of the year, so we don't think it had any bearing on the final count.

LG G5 is just two months away from launch!

The second flagship in question could either be a successor to the curvy G Flex 2 or the V10, but we aren't sure of that yet. We aren't surprised though that LG is mulling two flagships, as Apple's experiment with the iPhone 6 and iPhone 6 Plus led to Samsung and Sony following suit with phablet variants of their flagships.

LG released its quarterly and annual earnings report for 2015 earlier today, boasting $300 million worth annual profit but its mobile division didn't do well, improving slightly over its 2014 figures. To mend this, the report proposed two new flagship models this year.

"The smartphone marketplace is expected to be increasingly competitive in 2016 due to anticipated premium models from competitors and further price competition within the mass tier space. The introduction of two new flagship models and a more cost-competitive value chain is expected to improve profitability in 2016," said the report.

The upcoming G5 will lock horns with Samsung's Galaxy S7 which will also get launched at Mobile World Congress in Barcelona. As per the latest leaks, the G5 will come with a fingerprint sensor, a metal unibody design, a 21MP camera with an Iris scanner, a 5.6-inch Quad HD display and Qualcomm's Snapdragon 820 processor.

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