Friday, September 22, 2017
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
iPhone 8 Teardown
Uber Lost License to Operate in London
Globalfoundries Asks EU to Probe TSMC
Facebook to Provide Congress With Ads Linked to Russian Internet Research Agency
Casio Announces Connected Watches For Men's G-SHOCK G-STEEL Line
AMD Said to Make AI Chip for Tesla
Mercedes to Invest $1 Billion in Alabama Electric Vehicle Factory
Your Next Smartphone's GPS Will be Extremely Accurate
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > Mobiles > LG Prof...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, July 18, 2005
LG Profit Plunges 70% as Mobile Phones Post 1st Loss


LG Electronics, the world's fourth-largest maker of mobile phones, posted a 70 percent drop in quarterly profit as competition from Nokia and other companies drove LG's handset business to its first loss.

Second-quarter net income fell to 151 billion won ($145 million) from 493 billion won a year earlier, Seoul, South Korea- based LG said in a regulatory filing. Operating profit fell 63 percent to a lower-than-expected 144 billion won and revenue dropped 7 percent to 5.6 trillion won.

LG forecasts the "difficult" business environment to continue in the current quarter, underscoring how the company is being forced to cut prices to keep up with Nokia, Motorola Inc., and other mobile-phone makers in a slowing industry. Samsung Electronics Co., the world's third-largest handset vendor, last week posted a lower-than-expected profit from telecommunications, citing increased competition.

Operating loss from mobile phones, the first since the company was reorganized in 2002, was 4 billion won, compared with a profit of 123 billion won a year earlier. Including network equipment, the telecommunications division's second-quarter operating profit plunged 94 percent to 8.4 billion won, LG said in a press release.

Mobile phone sales fell 5.2 percent to 1.8 trillion won, or 12.1 million units, the company said. The company missed its mobile phone shipment target for a second consecutive quarter.

The company's display business, including sales of plasma display panels, posted a 22 billion won loss and sales fell 2.3 percent to 1.2 trillion won.

As growth in demand for new handsets slows in countries such as the U.S. and Japan, industry shipments are poised to rise 8 percent this year after jumping 32 percent to 680 million units last year, according to Strategy Analytics.

Samsung last week reported operating profit from telecommunications declined 33 percent to 530 billion won, missing analysts' estimates of 630 billion won. The company cited increased competition for driving down prices.

Sony Ericsson Mobile Communications Ltd., the cellular-phone venture owned by Sony Corp. and Ericsson AB, on July 15 posted a 19 percent drop in second-quarter profit as it introduced lower- priced handsets to win customers.


Previous
Next
European Commission Prompts Countries to Increase Wi-Fi Spectrum        All News        Philips Proposes LED StreetLamps
Mobile Video is a Tough Sell According to In-Stat     Mobiles News      Infineon Introduces Cheap Production Platform for Mobiles

Source Link Get RSS feed Easy Print E-Mail this Message

Related News
Both LG and Samsung Invest EUR25 million in OLED Material Developer Cynora
LG Innotek Develops First 2G V2X Full Module for Autonomous Vehicles
LG V30 Smartphone Ups the Ante for Design and High-end Content Creation
LG Electronics to Bring Bang and Olufsen Audio to OLED TVs
LG Teases With Premium Audio of New V30 Smartphone
LG Appliances to be Compatible with Amazon Echo
LG to Establish Factory for Electric Vehicle Components in the U.S.
LG to Bring New Gaming Monitors to IFA
LG ProBeam UST and MiniBeam Projectors Light Up at IFA 2017
LG V30 to Have Upgraded UI
LG Installs World's Largest OLED Screen in Dubai
LG Teases With LG V30 Smartphone Camera Info

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2017 - All rights reserved -
Privacy policy - Contact Us .