LG Beats Forecasts on Strong Phone Sales

By Allen Tsai | Fri Oct 23, 2009 2:36 am

LG Electronics reported its third-quarter profit jumped nearly 50 percent thanks to strong sales of mobile phones, but added that price competition and higher marketing costs would erode profit margins.

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LG, the world's No. 3 handset maker behind Nokia and Samsung, reported a global profit of $733 million in the third quarter, up from $484 million a year ago.

However, it cautioned that its handset margin fell to 8.8 percent from 11 percent in the last quarter, as increased competition pushed the company to spend more on marketing.

Regardless, LG remained upbeat about a strong recovery next year due to strong sales of new premium smartphones, such as its next-generation Chocolate handset.

Posted In: LG (183) | Reports (620)

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