Being an Android phone manufacturer is pretty tough for anyone — ask HTC — but it’s not looking rosy for LG either, today reporting that it lost more than $35 million selling smartphones in a single quarter of 2015.
In its earnings report today, LG said that it lost 43.8 billion South Korean Won on its phone division last quarter, which is roughly a loss of $35 million USD over the holiday period.
Ever been to a tech festival?
TNW Conference won best European Event 2016 for our festival vibe. See what's in store for 2017.
The company sold more than 59.7 million smartphones in 2015, but that was a measly improvement of just half a million on the previous year. Sales were up in the US by 13 percent, but down in its native market by 10 percent.
LG was making a tiny profit on smartphones when it reported earnings last year up until the third quarter, when it started hemorrhaging millions of dollars. It’s unclear what changed at this point — sales appear to be about the same levels as previously — and LG doesn’t break down the numbers further.
As a result, the company says it’ll be introducing two “flagship” phones this year to increase profitability — a statement eerily similar to what HTC said when it reported poor earnings last year.
➤ LG Earnings [PDF]