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LG Q2 Profit Tipped To Drop 15%

LG Electronics has forecast a 15.4% YoY drop in Q2 operating profit, with revenues tipped to climb 4.1%.

The Korean giant attributes lower-than-expected sales of its OLED TVs and continued mobile divisional losses for the profit slump.

Some analysts claim Samsung’s expanded QLED TV shipments have also hurt LG TV profitability.

Mobile communications profit has reportedly been hampered by increased promotional activity around new handsets and 5G functionality.

As previously reported, last year LG’s mobile communications division notched a whopping 790 billion won operating loss, following several years of consecutive losses.

In Australia, LG is among three smartphone vendors who currently have a 5G-capable phone, with its  ThinQ V50 5G accompanying a second screen attachment for dual screen functionality.

The Korean giant is also tipped to release its first 8K TV in Australia later this year, with the 88-inch model expected to go for over A$60,000.

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