announced third-quarter revenues of $12.51 billion, down from the same time a year ago, blamed on "competitive conditions" in the TV market, and unfavorable current exchanges. |
However, LG's mobile unit was a big winner in Q3 - sales grew 24%, with revenues hitting $2.78 billion. It shipped 12 million smartphones during the three month period.
conditions" in the TV sector and unfavorable currency exchange rate hit revenues, however, operating profit rose 7 percent to $196.34 million.
LG's Home Entertainment division slid 7 percent with sales of $4.5 billion, reflecting
slower global TV demand and lower selling prices. Higher
sales in Asia and the CIS region were offset by
softness in Europe.
LG said it will push premium products such as OLED, Ultra HD TVs or '4K", while managing costs, in the lead up to the holidays.
On the mobile front, profits and the average selling price (ASP's) were hit by increased competition
and marketing costs.
The tech giant will focus on pushing its new G2 smartphone, 3G
and mass devices such as the L II Series and F Series during the next quarter.