LG Electronics' profit plunges on slow TV sales

Published on NewsOK Modified: April 24, 2013 at 3:51 am •  Published: April 24, 2013
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LG shipped 10.3 million smartphones in the quarter thanks to strong demand for its mid- and low-end phones and increased market share in Europe and Latin America.

But it still lags Samsung Electronics Co. and Apple Inc. especially in the premium smartphone market. Raising its market share in the U.S., which is a crucial market, also remains a challenge as Samsung begins rolling out the Galaxy S4 in the U.S. later this week and the new iteration of the iPhone will be released later this year.

LG must compete for attention for its Optimus brand, which has yet to build as strong a reputation as Samsung's Galaxy or Apple's iPhone.

"The reason for our weak market share in the U.S. is that we could not lock mobile operators during the first quarter," Jung said of the deals that smartphone manufacturers forge with mobile carriers to offer their phones. "But from the second quarter when we release the new Optimus G, we will see an improvement in U.S. handset revenues."

In the second quarter, the company is set to expand the availability of its flagship Optimus G Pro smartphones in more countries and roll out high-end TV models, including the TVs that use advanced displays called OLED and ultra-definition TVs.

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