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LG V10 Successor Confirmed to Launch This Quarter

LG V10 Successor Confirmed to Launch This Quarter

By Tasneem Akolawala | Updated: 29 July 2016 17:03 IST

Highlights

LG's smartphone unit saw an operating loss of $132 million
It hopes to make up for the loss with the V20 smartphone launch
The predecessor V10 smartphone sports a dual front camera setup

Electronics giant LG has confirmed that it is going to launch a new smartphone in its 'V series' sometime in this quarter. Even though the company has not mentioned the smartphone in question, the LG V20 smartphone is widely expected.

LG released its financial earnings for the second quarter of 2016, and even though the smartphone unit of the company saw a total operating loss of roughly $132 million, it is hopeful of a better future. In its earnings statement, the company said, "Overall smartphone shipments increased 3 percent from the previous quarter with a total of 13.9 million smartphones shipped in the second quarter. 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".

While LG has not explicitly mentioned the smartphone that it intends to launch, past leaks hinting at a September launch for the LG V20 match the company's statement. Its 2016 flagship LG G5 performed below expectations and the company would look to make up for the lost sales figures with the V20 smartphone.

Just to recap, the LG V10 was launched in October last year, and the smartphone's big highlights were the secondary Always On display and the dual front camera setup. The smartphone came with two separate lenses that can capture standard 80-degree selfies or wide-angle selfies of up to 120 degrees.

Even though LG is struggling with its smartphone business, the company managed to rake in an overall operating profit of $501 million in the second quarter.

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