LG's smartphone division just experienced a very promising quarter1
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.
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.