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LG's Struggles Continue, Looks to Google for Hit |
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LG's Struggles Continue, Looks to Google for Hit
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By Allen Tsai | Wed Jul 28, 2010 1:24 pm |
LG Electronics today said it lost money for the first time in four years, as the embattled handset maker struggles to turn around its mobile business and come up with a blockbuster phone.
The South Korean company is betting on Google's Android software to save its sales, by launching smartphones running the mobile operating system through 120 carriers worldwide this quarter.
"We believe smartphone market will become a mass market and our strategy is to boost market share first with mid-end models such as Optimus series we are planning to launch this quarter," said Jung Do-Hyun, LG's chief financial officer.
LG has struggled since a year ago, following a series of stumbles in smartphone development. It is also facing increased competition from smartphone specialists Apple, HTC and Samsung -- largely failing to come up with a hit device to go toe-to-toe with the iPhone or Galaxy S smartphones.
"Our handset business will continue to experience difficulties in the third quarter and would start recover from the late fourth quarter," Jung said. "LG will continue to introduce new products in major categories, including smartphones, while investing aggressively in research and development and marketing and developing premium products."
LG, the world's third-largest phone maker, posted a $721 million profit for the April-June quarter, down from compared to $1.1 billion a year ago.
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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 | Android |
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