LG’s financial report for the third quarter shows promising signs for the company’s mobile unit. The operating profit of the company’s mobile unit was $ 1.34 billion during this period. Sales revenues increased by 17 percent compared to the previous quarter. The LG mobile unit, however, closed the third quarter with a loss of $ 124.9 million. The unit’s loss in the previous quarter was $ 169.1 million.
It is seen that LG has increased its sales especially in North and South America. Wing, Velvet and Q51 stand out as key factors of LG’s successful performance. Increasing productivity in manufacturing and selling more affordable new phones also seem to have given LG’s mobile unit a significant advantage.
LG has been pursuing a different strategy for its mobile unit for a while. While the company focuses on innovative devices such as Wing and Velvet, it continues to increase the number of affordable options. This approach seems to have produced the result LG expected.
LG will continue to focus on North and South America in the coming period. The company hopes that the interest in 5G phones will increase during this period.