LG’s mobile division is losing money
By Vlad Bobleanta on 28 Jul 10It’s that time of the year when Q2 results are being posted. Apple did, Nokia did, and now it’s LG’s turn.
Now, aside from mobile phones, LG also makes many more electronic products, such as TVs and home appliances. Overall, their profits fell almost 90% year-on-year to approximately $106.6 million.
The handset business unit was responsible for losses of $101.2 million. Not a good Q2 for LG by any stretch of the imagination. The mobile division’s bad performance is probably thanks to the utter invisibility of their smartphone range. Left with only featurephones to carry the torch, it’s unsurprisingly not doing well.
Mobile device sales have increased to 30.6 million units, up from 27.1 million in the first quarter.
Smartphones and tablets in the Optimus range, such as the Optimus and Optimus Q and the LG Ally will surely help boost LG’s profits and sales in the remainder of this year.
However, the company expects mobile shipments to only grow by a single-digit amount in the current quarter, so Q4 is looking like the make or break quarter for LG’s mobile business.
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