After LG posted a revenue of $2.86 billion in the second quarter of 2016, the company is now preparing to release the succesor of LG V10. Several websites suggest the smartphone might be called "LG V20" once it becomes available.

Here's what is currently known about LG V20 release date rumors.

LG's quarterly sales report shows the company earned $2.86 billion in the second quarter of 2016. This figure is 12 percent higher than the first quarter of the year. Although the market did not respond quickly after the release of LG G5, the company posted a 3-percent increase in sales for selling 13.9 million smartphones.

Furthermore, the South Korean tech firm reportedly sold more than 450,000 units of LG V10, so it is not surprising the company decided to do a follow up. Even though it did not specify the release date of LG V20, based on their wording, the smartphone may become available in September 2016.

As for the specs of V20, it might have a better and faster processor. The V10 only have Snapdragon 808 processor and 4GB of RAM. We expect these figures will go up in V20. A faster Qualcomm Snapdragon 820 and 6GB of RAM will do wonders to the device.

In terms of battery, V20 might have bigger battery capacity. In order to effectively run today's power-hungry apps, a 4,000mAh capacity is ideal for the device. In addition, it might have a super quick charging capability via the new USB-C port.

Many users enjoyed the removable battery design of V10. Good thing, it would also come to V20 partnered with metal uni-body design.

Everyone wants to have awesome camera technology for their smartphone. Rumors suggest V20 could become available with 20-MP main camera and 8-MP secondary snapper, besting the 16-MP and 8-MP cameras of V10.

With the timing of V20's launching, it might have Android 7.0 Nougat right out of the box. The software is Google's upcoming operating system for smartphones. It comes with new apps, improved security features and revamped user interface.

As always, readers are advised to take the V20-related details above with a grain of salt. LG has not yet confirmed or denied any information. We can only rely on rumors and speculations.

Overall, the V20 must surpass the features of V10. It has to be better in every aspect in order to beat other smartphones in the market.