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LG's Got 99 Problems

Sarah Thomas

12:10 PM -- LG Electronics Inc. (London: LGLD; Korea: 6657.KS) didn't have much to celebrate in the third quarter as its mobile business lost $270 million in operating expenses, a record hit for the group. This was more than double its $101 million operating loss in the second quarter.

As a result, the company earned only 7.57 billion won ($6.73 million) in the third quarter, down a whopping 99 percent from the profit of 911.3 trillion won a year earlier.

LG shipped 28.4 million units in the quarter, down 10 percent from last year and 7 percent from last quarter, as its low-cost phones didn’t resonate with smartphone-minded consumers.

The South Korean handset maker, the world's third-largest, is betting on Android and Windows Phone 7 to drive its slow recovery, one it doesn’t anticipate to start until next year. But coming off its second straight quarter of losses, LG's brand-new CEO Koo Bon Joon and newly launched Optimus One smartphone are going to have to lead a tough climb out from the bottom.

— Sarah Reedy, Senior Reporter, Light Reading Mobile

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