LG turns a $138 million profit in Q2; TV sales rise, but mobile biz still a struggle

LGLOGO

LG reported second-quarter earnings that showed some modest improvements, as it posted a 46-percent year-over-year increase in net profits for the quarter. The company’s revenue for the quarter was down 28.5-percent year-over-year to KRW 2.32 trillion (USD 2.01 billion). Moreover, the Korean based manufacturer is still struggling to find its way into profitability when it comes to its mobile business. Smartphone shipments lifted to 44-percent of unit sales, which is up 36-percent from Q1.  However, LG reported a loss of KRW 57 billion (U.S. $49.48 million). Albeit, not the most flattering of news, but it’s still much improvement compared to the first quarter.

Besides its slight disappointment in the mobile side of things, the company reported a net profit of a healthy 46 percent increase in net profit, which rose to $138 million in the second quarter due to solid TV sales and home appliances

That said, LG is still going big on the whole LTE movement in Europe and in the United States. Its made many changes to cater to its renewed focus on smartphones, like halting tablet development. Remember, this is the company who boldly set a self-imposed lofty and ambitious goal of selling 35 million smartphones this year. Selling that many phones will be a challenge for a company still searching for its identity.

[LG; via Android Central]

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