LG Profit Shrinks in Third Quarter Following Weak Smartphone Sales

LG has posted its financial results for the third quarter of this year and they’re not encouraging. The company revealed a slight 3.7% loss in operating profit, caused by poor performance of its smartphones in the market.

It seems that during July and September, LG generated $250.9 million in profits, half compared to its results for the second quarter of the year. During the same quarter of last year, LG reported a profit of $257 million and it seems that its mobile business isn’t improving. The company’s operating profit dropped 51.6% compared to the previous quarter of 2016.

Revenue for the third quarter declined 5.7% year-on-year and LG’s mobile division posted an operating loss of about $405 million, making it the sixth consecutive quarter when the smartphone business posts losses.

In the fourth quarter, LG will focus on boosting sales of the V20

LG officials stated that "low...