LG increases Q3 profit by 82% with zero help from smartphone division - Android...
source link: http://www.androidauthority.com/lg-increases-profit-82-zero-help-smartphone-division-806267/?amp%3Butm_medium=gplus
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Links on Android Authority may earn us a commission. Learn more.
LG increases Q3 profit by 82% with zero help from smartphone division
LG Electronics increased its operating profit in the third quarter by 82 percent when compared with the same period a year ago, despite its mobile division posting a loss.
According to the preliminary earnings, the company generated an operating profit of 516.1 billion won (around $454 million), while the revenue grew by 15.2 percent and reached 15.23 trillion won (around $13.4 billion).
The increase in revenue and profit is mainly attributed to strong sales of premium home appliances and televisions. The mobile division didn’t do so well, with analysts estimating it posted a loss of approximately 200 billion won, or $174 million.
This means that the company’s smartphones including the G6, Q6 series, and others haven’t been selling very well. LG took a big step forward with its flagship G6 this year by ditching the modular design and opting for a bezel-less design, but it looks like that just wasn’t enough. The high-end device hasn’t grabbed as much attention on the market as the Galaxy S8 series, despite its lower price tag.
The LG V30, on the other hand, hasn’t contributed much to the company’s financial statement. The smartphone was launched on September 21 in South Korea and has only recently made its way to the US. If it proves to be more popular than its smaller brother, it could potentially turn things around for LG in the last quarter of the year (Oct-Dec).
However, just like the G6, it’s also facing tough competition. The phablet goes head to head with devices like the Galaxy Note 8 and the recently unveiled Pixel 2 XL. The competition will only heat up in the near future, with the Mate 10 series making its debut on October 16.
Recommend
-
4
Thursday, 18 February 2021 15:32 Data#3 increases revenue and profit By Stephen Withers ...
-
4
Company claims it’s selling consoles at a loss The legal dispute between Epic and Apple has provided us with some very interesting revelations, some of which aren’t necessarily related to the two co...
-
8
LG reportedly ends Android smartphone production today amid division shutdownEarlier this year, LG dropped the bombshell that it would be leaving the mobile industry entirely, leaving the Android market with one fewer option both on the flags...
-
1
EntertainmentDisney parks & products division returns to profit as theme park losses narrow, merchandise sales soarPublished Thu, Aug 12 2021...
-
5
Xiaomi’s quarterly revenue increases by 8.2% to $12.2 billion, while profit drops by 84%Xiaomi’s quarterly revenue increases by 8.2% to $12.2 billion, while profit drops by 84% 18 hours ago The third quarter financial report of Xiaomi...
-
5
Counterpoint: Mediatek increases its lead in smartphone chip maker race Counterpoint Research posted its quarterly analysis on the s...
-
1
HTC’s smartphone division limps on with metaverse-focused Desire 22 Pro Promised to be the ‘perfect companion’ to its Vive Flow VR headset B...
-
8
Home HCL Tech Q4 Results: Profit up 11% YoY, Revenue Increases 18% ...
-
12
Gree shuts down smartphone division
-
2
9 June 2023 / SuperSet #SuperSet 解决除数为0报...
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK