LG’s mobile business just lost $67.8 million
If you were under any doubt that companies will struggle to make a profit from the smartphone business, you won’t after today. LG has updated its financial results to reveal that the firm’s mobile division lost $67.8 million in the last three months. That’s in sharp contrast to the previous quarter, where the company could boast of squeaking a 1.2 cent profit from every handset that it sold. LG believes that the recent launches of both the Nexus 5X and V10 smartphones will help to wash away some of that pain. If executives were looking for reassurance, they’ll get it from Sony which also posted its updated financial results today. The rival mega-conglomerate conceded that its own mobile division is losing $1.9 million every single day — ouch.
Source: LG
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