LG’s mobile division ain’t doing so hot: $331 million lost in three months
LG’s a multi-conglomerate company that has its fingers in a lot of pie, but the company’s mobile division isn’t doing too hot. The sales of LG’s OLED TVs helped generate more than $407 million in profit, while their appliance division brought in $375 million this quarter. The black sheep of the LG family is its mobile division, LG Mobile Communications, which managed to lose $331 million this quarter despite shipping more smartphones this quarter than the same quarter in 2016.
That’s unfortunate news for LG, since the LG V30 was dubbed the best iPhone X competitor in our review and we believe it’s one of the best Android phones released this year. The LG G6 was also praised, but it seems as though consumers have little faith in LG devices after reports of boot loops on numerous devices (including the Nexus 5X) and the lack of faith in the modular design that was espoused by the LG G5.
The LG V30 has only been available for a handful of months, so it will be interesting to see how the holiday season impacts LG’s mobile division and whether or not they’ll be back to turning a profit with their smartphones.
[via LG Financial Report (PDF)]