LG smartphone shipments fall 3% in Q2

Elsewhere, LG reported an overall 7.6 percent year-on-year drop in smartphone sales to record revenues of 13.93 trillion won (£7.7bn).

The firm, which enjoyed a pretty stellar 2014 in which it doubled profits and shipped 59 million phones, shipped 14.1 million in the last quarter of business which translated to sales of KRW 3.65 trillion ($3.33 billion), a meagre 1 percent increase year-on-year.

Last year, LG set a record for itself by shipping 14.5 million smartphones.

The second quarter seems to be more challenging than the first and LG is confident that it would recover from the downfall with a range of competitive and affordable products as well as good marketing, the company said today.

Heading into Q3, LG says it will attempt to reclaim its power in the industry and plans to “aggressively implement its dual strategy” that will focusing on premium devices, such as the LG G4, and launch a number of mid-range smartphones targeting to emerging markets.

The LG Home Appliance & Air Solution Company reported sales of KRW 4.49 trillion (USD 4.09 billion), an increase of 10 percent from the previous quarter.

It’s not all bad news for LG, however. Despite a modest operating loss of KRW 1.5 billion (USD 1.37 million), LG is accelerating its investment in R&D to further strengthen its position in new automotive technologies as the market for electric cars and electronic components continues to grow.