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.]


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