Fans of the LG V10 who could not get enough of the dual-screen smartphone and have been hankering for its next-gen model could soon be getting their wish.

According to an LG earnings report, the successor of the multimedia-rich LG V10 — allegedly dubbed LG V20 — is set to make its way to consumers in Q3 2016.

That's right! On Thursday, July 28, LG announced its financial earnings for Q2 2016. The earnings report chose to deviate attention from the operating loss of $132 million for its mobile division, which the company incurred in the second quarter of this year, by hinting at the impending V-series device which will make its way to consumers this quarter.

LG is optimistic that the V-series device will play a pivotal role in uplifting the mobile division's sagging fortunes. The high marketing costs incurred by LG, coupled with slow initial sales of the company's flagship LG G5 smartphone, have proven to be a setback for the South Korean company.

"The launch of the new V series and expanding sales of mass-tier K and X series models are expected to improve the business unit's performance next quarter," noted LG in its Q2 2016 earnings report.

Despite the setbacks, LG did manage to improve on its total smartphone shipments in Q2 2016 over Q1 2016 by 3 percent. With the arrival of the V-series — which will possibly include the successor of the LG V10 — the company is headed in the right direction and the upcoming devices could help steady its ship.

While LG did not disclose any more details pertaining to its V-series, a couple of weeks ago rumors were rife that the smartphone maker had shifted the launch of the next-gen LG V20 from October to September. Reports claimed that LG had chosen to prepone the LG V20's launch as Apple was slated to launch the next-gen iPhone in September. If the launch of the two smartphones clashed, then the attention would be taken away from the LG offering.

Now with the mobile division of the company not faring too well and the LG G5 sales not living up to expectations, LG is possibly looking to bring a robust smartphone to capture consumers' attention sooner rather than later.

The specifications of the supposed LG V20 are not known at this juncture. In fact, whether the successor of the LG V10 will be called LG V20 is also circumspect. Nevertheless, considering its predecessor touted an impressive dual-lens camera — albeit a tad gimmicky — the LG V20 could follow suit.

With LG confirming the V-series smartphone launch in Q3 2016 itself, we will soon know what the company has up its sleeve.