The Korean manufacturer blamed weak sales of its G5 handset and more marketing investment for the decline
LG’s recent Q4 financials released today (January 25) have revealed a yearly drop in mobile revenues from £2.5 billion in 2015 to £1.9 billion this year.
The Korean manufacturer’s mobile revenues for the three months ending December 31 2016 did see a quarterly increase of 15.4 per cent from £1.7 billion in Q3, however. Although specific figures were not released, LG admitted its profitability was affected by weak sales of the LG G5 smartphone and more marketing investment. Numbers for G5 sales were undisclosed.
It claims the introduction of the new G range handsets in Q2 this year after Mobile World Congress (MWC) will help improve its global market position.
Sales across the entire company, which also includes home appliances and entertainment systems, totalled over £10 billion – an annual increase from £9 billion. Overall revenue generated throughout the whole year remained flat at £38 billion.