It must be annoying to sell a boatload of smartphones and not make any serious money off them. Just ask LG! The Korean company’s second-quarter smartphone profit was so miniscule, it was only enough money to cover 235 iPhone 6 handsets at retail price.
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Mind you, the 235 devices would be all 16GB iPhone 6 units, or the cheapest off-contract new iPhone you can currently get. Such a device is selling for 850,000 won in Korea (that’s Apple’s official price for it), and LG reported 200 million won in profits, or around $172,000, from smartphone sales during the quarter ending in June
The money could also cover 161 128GB iPhone 6 Plus models, you know, in case the entry-level iPhone 6 version isn’t good enough.
LG sold 8.1 million LTE smartphones during the period, which is an impressive achievement. But the company had to face serious competition, signaling out Apple’s iPhone as its toughest competitor.
In total, LG sold 14.1 million smartphones in the June quarter, registering revenue of 3.65 trillion won, or around $3.33 billion.
By comparison, Apple sold 47.5 million iPhones during the June quarter.