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Author Topic: LG Phone business keeps sliding  (Read 3625 times)

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mobify

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LG Phone business keeps sliding
« on: July 31, 2020, 11:28:52 AM »
Financial reports for Q2 of 2020 are emerging and LG is the latest company to share its results. The Korean giant revealed its performance was affected significantly by the worldwide impact of the pandemic.

All five key divisions of LG reported a decline on a yearly basis, with the Mobile Communications Company posting sales of about KRW1.31 trillion (about $1.07 billion), which is 18% lower than the same period last year.

LG phones keep underperforming during a turbulent second quarter
LG announced a 31.1% increase in sales on a quarterly basis, quoting ďstabilization of supply disruptionĒ and pointed out that lockdown measures were lifted in key markets such as the US and Europe. Operating margin was also narrowed down to 15.8% loss, instead of 23.8% in Q1 2020, which is at least some good news.




 

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