LG manages $138 million profit in Q2 despite stalled smartphone efforts

By on July 25, 2012 at 7:45 AM.

LG manages $138 million profit in Q2 despite stalled smartphone efforts

LG Q2 2012 Earnings

LG Electronics (066570) on Wednesday reported its financial results for the second quarter of 2012. As the company continues to push forward and pin hopes on the booming smartphone market, it still hasn’t found a way to profit from its efforts with Google’s (GOOG) Android platform. LG saw a healthy 46% increase in net profit, which rose to $138 million, but smartphone sales were down more than 28% year-over-year to KRW 2.29 billion. LG saw solid sequential growth in its home entertainment, home appliance and energy solutions divisions, though only the home appliance division managed revenue growth over the second quarter of 2011. Operating profits for LG’s home entertainment business grew substantially to KRW 216 billion and profit in the company’s home appliance division more than doubled to KRW 165 billion.┬áLG’s full press release follows below. More →

No Comments