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LG's mobile division lost money, even while its phones are hot

LG's smartphones may be selling well, but its mobile division lost money in Q3 (KRX:066575)

| Business, Financial & Legal News | Posted: Oct 25, 2013 12:37 pm

Even though LG is finally seeing some success with its smartphones, the South Korean company actually bled some money this quarter selling its handsets. LG posted its Q3 earnings, with a -2.6% operating margin.

 

TweakTown image news/3/3/33581_02_lg_s_mobile_division_lost_money_even_while_its_phones_are_hot.jpg

 

The company shipped over 12 million handsets, which provided it with a nice $2.75 billion in mobile sales and an even better 24% year-over-year in mobile sales. LG says it is still losing money in its mobile division due to "increased competition and higher marketing investments." Looking into the future, LG says it "plans to focus on increasing sales of new premium products such as the LG G2 smartphone during the peak holiday season as well as maximizing 3G and mid-tier mass devices such as the L II Series and F Series."

NEWS SOURCE
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