Poor smartphones sales drag LG to first quarterly loss in 2 years
The Korean electronics giant is generally in good health — it posted a $2.4 billion profit for 2018 —
but its smartphone business’s failings saw it post a loss in Q4 2018, its first quarterly negative since Q4 2016.
Overall, the company posted a KRW 75.7 billion ($67.1 million) operating loss as revenue slid seven percent year-on-year to KRW 15.77 trillion ($13.99 billion).
LG’s mobile business is struggling
LG said the change was “primarily due to lower sales of mobile products.”
We’ve known for some time that LG’s mobile business is struggling — the division got another new head last November — but things went from bad to worse in Q4.
LG Mobile saw revenue fall
by 42 percent to reach KRW 1.71 trillion, $1.51 billion.
The operating loss for the period
grew to KRW 322.3 billion, or $289.8 million, from KRW 216.3 billion, $194 million, one year previous.
TechCrunch
https://techcrunch.com/2019/01/31/lg-67-1-million-loss-q4-2018/