LG profit collapses based on shrinking phone sales

“LG saw its profit fall apart today as its summer results were hurt by its weakness in phones. Its profit plunged 99 percent, down from $805.6 million a year ago to $6.7 million,” Electronista reports.

“The Korean company was dragged down by its mobile group, which had a record loss of $270 million,” Electronista reports. “The company’s total phone shipments also dropped, going down 10 percent from year to year at 28.4 million.”

Electronista reports, “Officials from the company mostly blamed its weakness in smartphones.”

Read more in the full article here.

[Thanks to MacDailyNews Reader “Dan K.” and James W.” for the heads up.]

32 Comments

  1. @ Ottawa Mark

    I’ve never heard MDN claim to be “fair and balanced.” It’s a place for pro-Apple news and snarky comments about the competition. That’s what I expect and why I come to MDN. I can get “fair and balanced” elsewhere.

  2. Leave Ottawa Mark alone, he/she has an obvious interest in Motorola probably dating back to the Mac days of the 80’s/90’s. Allow him/her to bask in the warmth of this minor recovery. We all know what is progressing through the law courts at the moment.

  3. Leave Ottawa Mark alone, he/she has an obvious interest in Motorola probably dating back to the Mac days of the 80’s/90’s. Allow him/her to bask in the warmth of this minor recovery. We all know what is progressing through the law courts at the moment.

  4. What, Motorola’s positive turnaround? They made something like $3M on their cellphone business. Do you know what that is? Peanuts. Their total profit of $100+M was driven mostly by their networking business or something. Nothing to brag about, nor is it much of a turnaround, because I think they’re trying to sell that unit.

  5. What, Motorola’s positive turnaround? They made something like $3M on their cellphone business. Do you know what that is? Peanuts. Their total profit of $100+M was driven mostly by their networking business or something. Nothing to brag about, nor is it much of a turnaround, because I think they’re trying to sell that unit.

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