& cplSiteName &

LG's Got 99 Problems

Sarah Thomas
10/28/2010

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

(0)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
More Blogs from Que Sera Sarah
Congratulations to AT&T's Anne Chow, CableLab's Dr. Jennifer Andreoli-Fang and Movandi's Maryam Rofougaran, our 2018 WiC Leading Lights winners.
Heavy hitters in cable, open source and optical networking make up the five women who are shortlisted for the Hedy Lamarr-inspired Female Tech Pioneer of the Year category.
Four worthy women from the worlds of cable, the enterprise, data centers and B/OSS make our shortlist for the year's Most Inspiring Woman in Comms.
Libelium and Movandi and their founders are pioneering new technologies that are already changing the game for IoT and 5G, respectively, making them startups you want to keep an eye on in 2018 and beyond.
Ten worthy women and two trailblazing startups made the shortlist this year for Women in Comms' Leading Lights awards. Winners will be unveiled soon at BCE.
Featured Video
Upcoming Live Events
October 22, 2019, Los Angeles, CA
November 5, 2019, London, England
November 7, 2019, London, UK
November 14, 2019, Maritim Hotel, Berlin
December 3-5, 2019, Vienna, Austria
December 3, 2019, New York, New York
March 16-18, 2020, Embassy Suites, Denver, Colorado
May 18-20, 2020, Irving Convention Center, Dallas, TX
All Upcoming Live Events