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LG’s mobile division lost $67m in just three months

LG’s mobile division lost $67.8 million (£43 million) in the last three months according to updated financial results.

The news comes as Sony also demonstrated the difficulty of eking out a profit in the smartphone market by revealing that their mobile operation is losing around $1.9 million (£1.25 million) a day.

Revenues in LG’s mobile division were 7% lower quarter-on-quarter and decreased 21% year-on-year.

The company blames the troubles on weaker demand for high-end devices in Korea and competition in the high-end phone market which is currently dominated by Samsung and Apple.

LG shipped a total of 14.9 million devices in the third quarter, putting them behind all major Chinese brands.

The smartphone maker, manufacturer of Google’s new Nexus 5X handsets, will be hoping for a return to second quarter figures where the firm made a 1.2 cent profit from every smartphone it sold.

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With the launch of the Nexus 5X and LG’s own V10, sales should be bolstered in the coming months.

Elsewhere within the South Korean firm, things aren’t looking so disheartening, with LG making an overall profit of $106 million (£68 million).

Sales of OLED and 4K TVs are increasing in the US and Latin America while the home appliances division made a $201 million (£131 million) profit.

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