LG Elec misses Q3 estimates on weak phone business
LG, the world's third biggest smartphone maker, said its handset operation made an 80 billion won loss, versus a 4 billion won loss a year ago and a 61 billion won profit in the second quarter.
October 24, 2013 / 16:33 IST
LG Electronics Inc, the world's No.2 TV maker, reported its lowest quarterly profit for 2013 on Thursday as its mobile business slipped into the red due to marketing costs surrounding its latest smartphone launch in August.
Third-quarter operating profit rose to 218 billion won, below a consensus forecast of 306 billion won by Thomson Reuters I/B/E/S. The profit compared with 171 billion won a year ago and 479 billion won in the second quarter.Also read: Samsung keeps it simple to overtake AppleLG, the world's third biggest smartphone maker, said its handset operation made an 80 billion won loss, versus a 4 billion won loss a year ago and a 61 billion won profit in the second quarter.LG is among a slew of global minnows which are struggling to compete against Samsung Electronics Co Ltd and Apple Inc , the smartphone leaders that account for almost all the industry's profits. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
