The smartphone business is a tough place to be, make no mistakes about it. Some more evidence of this comes our way from LG, who we think make some of the best smartphones available on the market today. LG has updated its financial results to reveal that the firm’s mobile division lost $67.8 million in the last three months.
LG believes that the recent launches of both the Nexus 5X and V10 smartphones will help to wash away some of that pain. As for the rest of the company, the company is actually doing pretty well, with the sales of OLED and 4K TVs on the up-and-up in the US and Latin America.
LG loosing market shares
Not only are people buying more TVs, but the division is now able to make them much more cheaply, increasing the amount of profit that it’s making on every one.
Meanwhile, the home appliances division brought in $201 million in profit thanks to the sale of its Twin Wash machines and air conditioners. Overall, the company earned a tidy profit of $109 million, which isn’t bad considering the state of the electronics industry these days.
Source: LG
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