It’s pretty much a given that everyone’s hurting from the recession, even the kings of the mobile castle, but LG has managed to make it through the first quarter of 2009 not quite as badly as investors were expecting. The world’s number 3 handset manufacturer took a 25% hit in operating profit to 456 billion won, which is definitely better than the 307.4 billion won that was initially ballparked. Handset sales in particular were up 22.6% year over year, which is pretty danged good. Analysts seem pretty happy overall:
“I see a better picture for the second quarter as mobile phones are set to grab more share, TV sales are in good shape on lower prices and as home appliances enter a busy season … We’re seeing some signs of improvement in consumer sentiment, which makes me a little bit more positive on the demand-side boost.” – Lee Jin Woo, KTB Asset Management Co.
With the Viewty II and Arena on the way, Q2 and the rest of the year looks solid LG. For a closer look at the numbers, hit up LG, and to keep tabs on stocks from all the big names in mobile tech, be sure to check out our Finance section.
[via Reuters]