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LG posts reduced Q3 profits, blames intense smartphone competition

LG posts reduced Q3 profits, blames intense smartphone competition

By Reuters | Updated: 24 October 2013 11:56 IST

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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.

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.

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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.

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