Q3 2017 has not been kind
LG has officially released its Q3 2017 results and while the company as a whole has managed to keep going strong, LG’s mobile arm managed to drag their profits down.
The company posted revenue of KRW 15.22 trillion, or around $13.44 billion, which is an increase of around 15% compared to the same period last year. Their operating income doubled to KRW 516.1 billion or $455.7 million.
While their Home Appliance and Air Solution and Home Entertainment arms managed to post positive numbers, both Vehicle Components and Mobile Communications divisions have lost money this quarter. Mobile Communications (AKA the phone division) posted a loss of KRW 375.3 billion, or around $331.37 million. As dire as the situation is, that’s a 13% improvement over the same period last year.
In fact, LG’s phone arm has only managed to post a single quarter of profitability in the past two years (Q1 2017). That was when it released its new flagship, the G6, earlier this year. Overall LG managed to rake in a net profit of $298.9 million, though you can just imagine how much more that could be if their phones actually flew off the shelves.
LG is looking to turn things around in the fourth quarter by driving increased sales of their V30 and improving cost competitiveness. In layman’s terms, it’s going to try and push the V30 in more markets and will cut costs when it comes to manufacturing their smartphones.
