Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SEOUL, South Korea (AP) — LG Electronics said Thursday its second-quarter net profit dropped 43 percent as its mobile business logged a bigger loss, offsetting profit growth in TV sales.
South Korean consumer electronics maker LG said that its April-June earnings were 283 billion won ($253 million), compared with 498 billion won a year earlier.
It was much lower than the market consensus of 446 billion won, according to financial data provider FactSet.
Sales rose 3 percent to 15 trillion won ($13.4 billion) while operating profit rose 16 percent to 771 billion won ($689 million).
LG's mobile business posted a deeper operating loss during the second quarter as its device sales declined amid sluggish growth in the global smartphone market. It spent more on marketing to promote its new G7 smartphone. It was the fifth straight quarterly operating loss for its mobile division.
LG has been betting on vehicle components for new growth. It said uncertainty in the global auto and auto components markets will likely continue due to U.S. trade policies. Its vehicle components business has posted quarterly losses for more than a year.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
