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LG's smartphone division just experienced a very promising quarter

LG's smartphone division just experienced a very promising quarter
LG’s smartphone business experienced positive trends in the second quarter following a complete overhaul earlier this year. As LG has now confirmed, those trends continued throughout the third quarter.

LG experienced 'solid sales' last quarter

The LG Mobile Communications division generated $1.28 billion in total revenue throughout the third quarter. That result is almost identical to the $1.27 billion reported twelve months earlier.

Most businesses view a lack of growth as something negative. However, in this case, the stable sales numbers finally put an end to several years of annual declines at LG’s smartphone business.

The South Korean brand also reduced its losses last quarter. LG reported a loss of $124.9 million for the three-month period, down from $135 million in Q3 2019 and $169.10 million in Q2 2020.

This improvement was down to increased efficiency at production sites and ‘solid sales’ when it comes to budget and mid-range smartphones, both of which offset the slight increase in marketing expenses due to new model launches.

LG hopes to strengthen its business in North America and Latin America 

Looking at the current quarter, LG expects demand for 5G smartphones to grow significantly thanks to recent 5G launches from competitors. It also believes overall market demand will return to the levels seen in late 2019.

LG itself hopes to strengthen its mass-tier smartphone lineup with a focus on North America and Latin America. In addition, it looks to continue improving the profit structure through continued operation efficiency.

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