Manufacturer claims business entered a “slow season” as customers held off to wait for the release of the G5
LG saw mobile sales fall 15.5 per cent year-on-year to KRW 2.96 trillion ($2.46 billion) in Q1 as customers held off from purchasing to wait for the G5 flagship smartphone.
Shipments of 13.5 million smartphones were 12 per cent lower than both the same three month period a year ago and the previous quarter.
The manufacturer attributed this to the business entering a “slow season” as well as declining shipments of existing flagship models due to high interest in the recently released G5 (pictured), which was unveiled at Mobile World Congress in February.
LG added competition in the smartphone market will continue to increase, leading to further price erosion which it said it plans to counter with a strong global push for the G5 and new mass-tier models such as its X series.
On a group level, first quarter operating profit increased 65.5 per cent year-on-year to KRW 505.2 billion ($420.25 million) on sales of KRW 13.36 trillion ($11.12 billion).