South Korea's LG Electronics reported a wider-than-expected quarterly loss today, with its mobile phone division sinking deeper into the red, hit by a slow recovery in smartphone sales.
LG, the world's number two TV maker and number three handset maker, reported a July-September operating loss of 32 billion won (€20.3 million) versus a consensus forecast for a 54 billion won profit.
That compared with a loss of 185.2 billion won a year ago and a profit of 158.2 billion won in the preceding quarter.
LG's handset business reported losses for a sixth straight quarter, with losses expanding to 140 billion won from the previous quarter's 55 billion won on a shortage of hit models to take on Apple and Samsung Electronics in the booming smartphone market.
Reuters
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