LG Electronics misses Q3 estimates on weak phone business
Monday, 28 October 2013 01:06
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REUTERS: 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.
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.
