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LG Electronics Swings to $487 Million Loss |
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LG Electronics Swings to $487 Million Loss
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By Allen Tsai | Fri Jan 23, 2009 5:19 am |
LG Electronics reported its first net loss in seven quarters as the global economic slump hit prices and demand for consumer electronics.
The company painted a pessimistic outlook for 2009, its sales should decline and profits worsen this year due to slumping demand and increasing competition.LG, now the world's No.3 handset maker, lost $487.2 million in the three months ended Dec. 31. It recorded a net profit of $446.7 billion a year earlier. A bright spot for the company was an 8 percent increase in shipments of mobile phones to 25.7 million. That pushed its 2008 handset sales to a record 100.7 million, up from 80.5 million in 2007. The company said the global mobile market would shrink this year though it aimed to maintain sales growth from the business and increase market share. Last week, Sony Ericsson reported a larger-than-expected quarterly loss and said it would cut costs in light of weakening demand. Nokia profits plummeted 69 percent amid the murky 2009 outlook.
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Wed Feb 01, 2012 1:54 pm | By
LG Electronics' handset sales improved, gaining traction in the smartphone market despite the company's overall loss, as the company's strategic turn towards upscale smartphones faces stiff competition.
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Mon Jan 23, 2012 10:27 am | By
Connected refrigerators, ovens, and washer-dryers offer another direction for the burgeoning app market to expand, as well as a new field for tech rivals to compete in.
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Thu Jan 12, 2012 4:03 pm | By
LG signed a patent agreement with Microsoft, joining tech companies that agreed to pay licensing fees for Android-powered devices.
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Mon Jan 09, 2012 3:53 pm | By
LG unveiled several smart home appliances at CES, including a refrigerator that helps people keep track of their diets, showcasing the company's plans to appeal to an increasingly connecting customer base.
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Mon Jan 09, 2012 3:13 pm | By
Verizon will release the LG Spectrum, a 4G-capable handset, on January 16 for $200 with two-year contract, as it moves into the high-end of the smartphone market.
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More Phones: LG |
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Editorials & Opinion
By Margaret Rock
The 54th Grammy Awards is just days away, and the show will harness mobile and social media technology as old media tries to keep pace with new trends among its viewing audience.
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