The report by Reuters says that LG might record a loss of about $29.36 million for the fourth quarter, which is its biggest loss in the last quarter of the year since 2010. The period between October and December is usually marked by smartphone releases and high sales during the holiday season.
LG disclosed that revenue for the quarter will most likely raise by 1.5%, while some analysts had anticipated the Q4 loss due to low sales of the premium LG G5 smartphone and mediocre shipments of its lower-end products. LG will post detailed earnings in late January.
Low sales of the G5 and V20 caused losses for the company
LG was hoping that the premium V20 smartphone would manage to reduce company losses and even record high sales during the holiday season, but it seems that it the phone didn’t manage to hit the mark. The V20 competed against other premium smartphones, like the Pixel, Pixel XL and even the latest iPhone.
LG’s mobile division is now looking towards the future and working hard on developing a successor to the G5. The company seems to have learned its lesson and won’t be pushing a modular design on the G6, but rather focus on aesthetics and usability.
Company officials recently said that the phone would be arriving soon, most likely during MWC 2017 in February. This would offer the G6 plenty of time to capitalize on the market before the Galaxy S8 is released in April.
Not much is known about the G6, except for the fact that the device might have a 5.3-inch display, USB Type-C port and a 3D glass back. It will also be one of the first smartphones to run Qualcomm’s latest processor, the Snapdragon 835.