14 DAY TRIAL // At this point, it is a generally accepted fact that the first quarter of 2013 was rather hard on the IT industry.
Thus, that LG's profit fell year-over-year is something that I expected. What I didn't expect was for the drop to be quite so sharp.
Long story short, the company's profit slid down 22% on-year, due to overwhelmingly weak plasma TV sales that completely obliterated whatever cheer was produced by the healthy sales of smartphones.
Basically, the sales of 10.3 million phones were offset by dropping TV sales, limiting income to 350 billion won ($322.88 million / €248.46 million).
In the first quarter of 2012, the company made 448 billion won ($400 million / €307.81 million).
No improvement is expected from the overall TV market, but 4K UH TVs and new smart TVs should help ease things a bit later this year.