Home
Tv
Tv News
LG Q2 profit doubles on TVs, phone business suffers loss

LG Q2 profit doubles on TVs, phone business suffers loss

By Reuters | Updated: 25 July 2012 10:43 IST

Click Here to Add Gadgets360 As A Trusted Source

LG Electronics Inc, the world's No.2 TV maker, said on Wednesday quarterly profit more than doubled on a jump in TV sales but its cellphone business swung to a loss, squeezed by growing competition from Apple and Samsung as well as low-cost producers in China.

April-June operating profit rose to 349 billion won from a 158 billion won profit a year ago, in line with a consensus forecast for 345 billion won by 21 analysts surveyed by Reuters. In the previous quarter, profit was 448 billion won.

LG's mobile phone business made a loss of 59 billion won after two profitable quarters. It has failed to break into the high-end market, dominated by Apple and Samsung, while increased competition from ZTE and Huawei has forced it to boost marketing costs for lower-end products.

Lg Discussion

Explore More...

Shares in LG, valued at over $8.5 billion, rose 0.2 percent after the earnings announcement, versus a 0.7 percent drop in the wider market.

The stock hit a nine-month low last week. It has fallen over 20 percent over the past three months, underperforming a 7 percent drop in the broader market.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: LG, LG TV, LG mobiles

EU warms to Google antitrust concessions

The Secret World review

LG Q2 profit doubles on TVs, phone business suffers loss

Related Stories