[THE INVESTOR] Tech giant LG Electronics said in an earnings report on Oct. 10 that it anticipates to earn 516.1 billion won (US$ 4.54billion) operating profit in the third quarter, up 82.2 percent on-year.
The quarterly revenue will likely come in at 15.23 trillion won, up 15.2 percent from the same period last year, the company said.
The third-quarter operating profit is lower than previous estimates of 600 billion won, forecast by local investment firms, and the firm’s sluggish smartphone sales are one of the main reasons for this.
The tech firm’s accumulative operating profit until the third quarter stands at 2.1 trillion won, up 53.1 percent on-year, while the revenue during the nine-month period comes in at 44.4 trillion won, up 9.5 percent from a year earlier.
LG’s stock price, which decreased 4.25 percent to 78,900 won in early morning trading, ended the day at 80,800 won, down 1.94 percent.
By Kim Young-won (firstname.lastname@example.org)