LG's Handset Division Ships 23M Phones in Q3

• Posted: Thursday, October 23, 2008
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• Author: pradhana
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• Filed under: Handset, LG

By Phil Goldstein

In the face of a sharp company-wide decline in net profit, LG said its handset division posted sales of $3.306 billion in the third quarter, up 40.8 percent from a year ago, and a profit of $2.93 million.The company as a whole however, known as LG Electronics, posted a decline in net profit of 93 percent, but the handset division was a bright spot. The handset unit accounted for 45 percent of total company revenue, up from 38 percent last year.

The handset division, fourth in terms of global shipments and Asia's second-largest maker of handsets, shipped 23 million units in the quarter, up 5 percent year-on-year, but down 17 percent from the second quarter of 2008, which it blamed on slower sales in India and emerging markets.

The company said that because of demand for some its higher-end handsets like the Secret and Viewty, operating profit for the division came in 11.5 percent.The company said it expected shipments to grow in the fourth quarter and for the division to reach a 2008 goal of shipping 100 million units. [FierceWireless]

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