LG Sells 8.6M Smartphones in Q4, Records Loss of $431M
Earned $45.22 billion during the entirety of 2012.
South Korean handset and TV manufacturer LG has announced its financial results for the fourth quarter of 2012.
Fourth quarter revenues stood at $12.37 billion with an operating profit of $98.08 million. However, for the quarter ending on December 31, LG suffered a net loss of $428.96 million, largely due to a fine of $640 million for allegedly fixing prices of TV and computer monitor cathode-ray tubes.
LG Electronics generated revenues of $45.22 billion and a net profit of $80.75 million during the entirety of 2012. Although it suffered a 6 percent revenue decrease when compared to 2011, operating profits increased to $1.01 billion from $342.06 million.
The company's handset division reported a 14.7 percent quarter-over-quarter increase in revenue to $2.57 billion, representing a year-over-year jump of 3.1 percent. It generated a profit of $50.8 million in its handset division in 2012's Q4, which is an increase when compared to a loss of 5 billion KRW last year.
For the whole year, handsets delivered sales of $9.1 billion, a decrease of 13.1 percent from 2011. During 2012, the handset division made an overall profit of $47 million.
Smartphone shipments increased by 23 percent during the fourth quarter of 2012. LG sold 8.6 million smartphones in the period, an increase of 1.6 million from the 7 million units it sold in the same quarter during 2011. The firm has sold over 10 million L-Series smartphone units thus far and overtook Apple as the second leading handset manufacturer in the U.S. during December.
Aaaand next quarter they'll make that back like nothing happened.
Then there's us, working our butts off for $1200~ a week.
I have it on good authority that the guys are LG are still living a pretty good life.. Them business guys just spin stuff like $431m around and buy themselves sports cars or something for the effort.
My sales may be peanuts compared, but at least I make a profit!
What kind of buttock work pays $1200 a week?