LG’s flagship smartphone for 2016 was good but it wasn’t good enough to stand up to competition from the likes of the Galaxy S7 and the Galaxy S7 Edge. It just didn’t perform as well as the company might have hoped it would. LG’s recent quarterly earnings show that the G5 has contributed more red than green to the balance sheet which is why LG is now counting on the V10’s successor due later this year to improve its fortunes.
The Korean smartphone manufacturer has had to book a $132 million operating loss form its mobile division so it’s more hungry than ever to get back up in the green. LG also attributes some of the lost to “increased marketing expenditures and somewhat slow initial sales of G5 smartphone.”
Despite the declining figures, LG was able to improve on its total smartphone shipments by 3 percent. It’s now hoping that several mass-market devices and the new “V series” is going to go a long way to support the company’s bottom line.
LG V10 was one of the most interesting devices to come out last year and it was well received. Despite all of its novelty features it happens to be a robust Android handset, one that customers prefer.
It’s unclear at this point in time how LG is going to improve the V10 to make sure that it can plug the losses its mobile division is making. Rumor has it that LG is going to unveil the V20 in September this year, the company is yet to officially confirm this.
Filed in . Read more about LG, LG G5 and LG V10. Source: lgnewsroom