LG reports a Q3 annual sales decline of 23% for its mobile communications division

LG reports a Q3 annual sales decline of 23% for its mobile communications division
LG released its third quarter earnings today. Like Samsung, LG is a widely diversified company based in South Korea, and smartphone manufacturing is just a single part of it. LG Mobile Communications Company, the division that includes smartphones, reported third quarter revenue of $2.3 billion USD during the three month period. That is a 23% decline in sales year-over-year.

The Mobile Communications division also reported an operating loss of $389.4 million USD for the third quarter, due to lower sales of premium devices. 13.5 million smartphones were shipped by LG from July through September. During that period, North American sales rose 14% sequentially from the second quarter.

For the current three month period that ends in December, LG says that it is focusing on the LG V20 along with handsets in the "K" and "X" series. LG also plans on finalizing changes to the structure of the division to help it better cope for whatever the future brings. The company is expected to benefit from the demise of the Samsung Galaxy Note 7 as the LG V20 would seem to be a good choice for those exchanging their recalled Galaxy Note 7 unit for a new handset.


source: LG

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