LG delivers mixed results for Q2 2016
LG G5 isn’t doing well. But, just how bad is the situation? Well, according to latest Q2 2016 earnings, LG Mobile communication reported a loss of 153 billion won ($132 million) on a revenue of 2.86 trillion won ($2.46 billion), 12% up QoQ and 6% down YoY, mainly due to weak demand of its flagship offering and increased marketing spending.
The overall revenue of LG Electronics stood at 14 trillion won ($12.05 billion), up 0.6% YoY and delivered the profit of 584.6 billion ($503.10 million), a healthy increase of 140% YoY, mainly due to strong growth in Home Appliance, Air Solution and Home Entertainment sectors.
LG shipped total 13.9 million smartphones in the quarter, up 1% YoY and down 3% QoQ. The tech giant is expected to launch the V10 successor along with some mid range offerings in K and X series. LG expects weak G5 sales in Q3 as well.