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LG Forecast Q1 Profit Down 19%

LG Electronics has forecast a ~19% year-on-year drop in Q1 operating profit, notching 899.6 billion won (US$790.6 million) versus 1.1 trillion won the year prior (US$966.8 million).

The year-on-year decline is narrower than most analysts expected.

For the three months to March 31, revenue is forecast to slip 1.4% YoY to 14.9 trillion won.

The Korean giant is scheduled to announce full earnings later this month, shortly after rival Samsung Electronics.

Analysts expect the company’s struggling mobile phone business to further weigh on earnings, offsetting TV and appliance growth.

As previously reported, Samsung Electronics has flagged a whopping 60% YoY drop in Q1 revenue, citing decreased OLED screen demand and falling chip prices.

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