LG reports record loss

Thu, Jul 29, 2010

Finance, News

Bloomberg reports:

LG Electronics Inc., the world’s third-biggest mobile-phone maker, reported a record loss at its handset business after lagging behind Apple Inc. and smartphone makers in selling models that send e-mails and surf the Internet.

Losses from mobile phones totaled 120 billion won ($101 million) in the second quarter, compared with profit of 620 billion won a year earlier, Seoul-based LG said in a statement today. The loss, the division’s first in four years, was triple the size projected by the average estimate of five analysts surveyed by Bloomberg.



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