LG's Got 99 Problems
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