Reuters: Technology News: LG Elec misses third-quarter estimates on weak phone business

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LG Elec misses third-quarter estimates on weak phone business Oct 24th 2013, 05:15 Tweet Share this Email Print Reprints LG Electronics' smart phones are displayed at a shop in central Seoul, July 23, 2013. Credit: Reuters/Lee Jae-Won SEOUL | Thu Oct 24, 2013 1:15am EDT SEOUL (Reuters) - LG Electronics Inc, the world's No.2 TV maker, reported its lowest quarterly profit for 2013 on Thursday as its mobile business slipped into the red due to marketing costs surrounding its latest smartphone launch in August. Third-quarter operating profit rose to 218 billion won ($206 million), below a consensus forecast of 306 billion won by Thomson Reuters I/B/E/S. The profit compared with 171 billion won a year ago and 479 billion won in the second quarter. LG, the world's third biggest smartphone maker, said its handset operation made an 80 billion won loss, versus a 4 billion won loss a year ago and a 61 billion won profit in the second quarter. LG is among a slew of global minnows which are struggling to compete against Samsung Electronics Co Ltd and Apple Inc, the smartphone leaders that account for almost all the industry's profits. ($1 = 1055.9500 Korean won) (Reporting by Miyoung Kim; Editing by Stephen Coates) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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