Home
Mobiles
Mobiles News
LG Profit Sinks as Smartphone Business Suffers Loss

LG Profit Sinks as Smartphone Business Suffers Loss

By Associated Press | Updated: 29 October 2015 13:39 IST

LG Electronics said Thursday its mobile communications division suffered its first operating loss in more than a year, dragging down the company's overall earnings for the third quarter.

The mobile business lost KRW 77.6 billion (roughly Rs. 443 crores) for the July-September quarter. The South Korean company's overall net income sank 48 percent over a year earlier to KRW 83.7 billion, far below the KRW 146.5 billion forecast in survey of analyst by financial data provider FactSet.

LG said it shipped 15 million smartphones during the quarter but its smartphones could not command high prices. The company said its mobile business will likely improve its performance during the current quarter as it began sales of the LG V10 smartphone and the Nexus 5X smartphone.

LG's TV business turned profitable for the first time in three quarters.

Its home appliance business, which makes washing machines and refrigerators, contributed more than 80 percent of overall profit.

Sales fell 5 percent to KRW 14 trillion. Operating profit slumped 37 percent to KRW 294 billion.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.