LG announces monumental third-quarter growth while its mobile division continues to crumble.
(CCM) — LG Electronics announced on Tuesday its preliminary earnings for Q3. According to the information released, the operating profit of the company is speculated to jump to 82.2% YoY, while the revenue may rise to 15.2%, despite the company’s registering losses in its mobile division.
In an official statement, LG has predicted an operating profit of KRW516.1 billion ($452 million) in Q3 2017. This is an increase from the KRW283.2 billion in Q3 2016. Additionally, total revenue for Q3 2017 is expected to rise to KRW15.2 trillion from KRW13.2 trillion in the same quarter of 2016.
Comparatively, analysts believe that LG's mobile division may post a loss of KRW200 billion for Q3 2017, which will mark its tenth quarterly loss in a row. It is no secret that LG's mobile unit has not been faring well for quite some time: its sales performance has been low in Q2, especially for flagships and smartphone shipments fell 4%.
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