LG Mobile's new strategy is allegedly working, but Q3 2018 losses reached US$130 million
LG's most recent financial results report is out and everything seems all right for the multinational conglomerate based in South Korea, but its mobile arm continues to bleed money. According to the official press release, the revenue increased by 2.7 percent from the second quarter, the operating income went up by no less than 45 percent, and LG Mobile "narrowed its losses significantly."
The aforementioned source mentioned a total sales value of US$1.82 billion for the commercial entity known as LG Mobile Communications Company, as well as an operating loss of US$130.5 million. The report pointed out that the increasing competition and global weakening demand for smartphones are the main enemies that LG Mobile had to fight during the given period, but "the company significantly reduced its operating deficit as a direct result of its business plan and its stronger focus on mid-range products."
In the fourth quarter, the LG V40 ThinQ is expected to boost sales, and it seems that the business improvement strategy is proceeding as planned, although it is not clear yet when will LG Mobile become profitable again.