LG , and they don't look encouraging at all. It saw a 3.7% decline due to weak smartphone sales.
Between July and September, its profits reached 250.9 million, half of the profits of the second quarter. It had almost the same profits in the previous quarter, which shows no growth.
Third-quarter revenue fell 5.7% year-over-year, leading to a loss of $405 million and making the current quarter the sixth in a row of financial distress in smartphone sales.
The company attributes this loss to both low sales of previous smartphone devices and its expenses on business structure improvement activities.
Its goal for the fourth and final quarter (October - December) is to promote its new V20 , as well as to improve its X and S series in order to complete its business plan to improve its mobile devices.
The V20 was announced in early September and received a great response from the public. It is worth noting that it recently became available at third-party retailers and US carriers. We can say with confidence that the V20 has strong specifications and an excellent design. It remains to be seen in the fourth quarter results whether it will also pay off in the language of the economy.
In conclusion, LG may not have a satisfactory financial performance in mobile device sales, but the same is not true for home appliances and televisions, which, as the numbers show, raise the bar quite high.
