LG Confirms New V Series Handset Launching This Quarter

LG G5 - front view

LG today posted its second quarter earnings in which its mobile division reported a 12 percent quarterly increase in revenues to KRW 3.33 trillion (USD 2.86 billion), though its a drop from the same time last year. 

The company’s mobile division posted a loss off USD 132.10 million due to increased marketing expenditure and slow sales of its modular flagship smartphone, the LG G5. Despite the G5 not doing well though, LG saw its smartphone shipments rise by 3 percent to 13.9 million in Q2, 2016, up from 13.5 million reported in the quarter before that.

For the next quarter, LG hopes that the launch of its new V series handset and increased availability of its X and K series handsets will improve the performance of its mobile division. The LG V10 turned out to be a surprise hit for the company last year, and the Korean company is now preparing its successor, apparently dubbed V20, for launch sometime later in this quarter.

Overall, the company managed to post a profit of 503.10 million, 40% higher than last year thanks to strong performance of its other subsidiaries like Home Appliance & Air Solution and Home Entertainment.