LG posts a low $206.38 million in profit in second-quarter, blames TVs

LG posts its second-quarter financial results, blaming the 'sluggish global TV market' for downfalls.

Published Thu, Jul 30 2015 6:31 AM CDT   |   Updated Tue, Nov 3 2020 12:05 PM CST

In a recently issued press release, LG Electronics announced a net profit of 206.38 million (226.4 billion KRW) over second-quarter 2015, in what it claims to be "an extremely challenging environment."

LG posts a low $206.38 million in profit in second-quarter, blames TVs | TweakTown.com

With the TV market being described as weak, revenue in this section amounted to 3.59 billion, with LG's mobile arena gathering 3.33 billion, marking a 1 percent increase from the same time last year. Home appliances and air solutions saw a larger 10 percent increase, reporting total sales amounting to 4.09 billion at an operating profit of 266 million.

LG claims that the current "sluggish global TV market" is particularly harsh in CIS, Latin America and Europe. This means that LG has posted a slight decline in operating profits in this area, seeing a drop of 222.52 million.

"LG is confident it can recover lost ground in the third quarter with new competitive products and more effective marketing initiatives," reads the press release.

I'm a competitive gamer and was an eSports employee. Recent changes have seen me hang up the mouse and move over to the technology world, covering all news for TweakTown, ranging from gaming news to opinion articles and the latest tech releases. Expect to see a few different articles on international eSports news and competitive game releases, as well as audio and mobile device content.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles