April 18, 2024
LG
LG Electronics extends losses on smartphone sales
[THE INVESTOR] LG Electronics on Oct. 27 reported its third-quarter operating profit of 283.2 billion won (US$250.90 million), down 3.7 percent from a year ago.
Revenue also fell 5.7 percent on year to 13.2 trillion won.
 |
Despite strong sales of its TVs and home appliances, the mobile business division suffered extended losses of 466.4 billion won after a series of failures in its flagship G series phones in recent years, including the latest G5.
“Phone sales declined almost 24 percent due to sluggish premium models and their slowing product prices,” the company said. Smartphone shipments tumbled 41 percent on its home turf alone.
“The ongoing restructuring at the mobile business division will be finalized soon to improve its financial and operational structures.”
The company said it would make all-out efforts for marketing activities of the latest bigger-screen V20 smartphone in the rest of the year.
By Lee Ji-yoon (jylee@heraldcorp.com)
