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LG's profit dips on phone division loss, hope for rebound now riding on the V20

LG Electronics reports 3.7% decline in Q3 profit on smartphone losses
LG just issued its Q3 earnings, and there is a slight 3.7% dip in operating profit, thanks to lackluster performance of its smartphones in the market.
In the July-September quarter LG made about $250.9 million on the whole, which is half of what it made in Q2. The smartphone business has been operating at a loss for five consecutive quarters before that, and Q3 was no exception, due to "lower sales of premium devices and expenses related to business structure improvement activities."

"Priorities for the final quarter of the year will include increasing sales of the new LG V20 smartphone and mass-tier K and X series, and finalizing business structural improvements in the mobile division to be better prepared for the challenges ahead," according to the press release. Thus, there is a lot riding on the eventual market success of the V20 monster of a flagship now, so that the phone division can join the home appliance and TV business of LG in being finally profitable.

source: Korea Times

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