14 DAY TRIAL // Earlier this month, we reported that LG was expecting lower smartphone shipments due to unsatisfactory sales of the LG G5, and it seems that the company has somewhat confirmed this after revealing its financial results for the second quarter of 2016.
Today, LG Electronics has posted results for the second quarter of 2016, during which time the company reported an operating income of $503.10 million, about 140% higher than the previous year. It seems that the Home Appliance & Air Solution and Home Entertainment divisions recorded the highest quarterly operating profit.
However, LG Mobile Communications posted an operating loss of $132.10 million, due to increased marketing expenditures and “somewhat slow initial sales of G5 smartphone.” Indeed, LG G5's sales weren't as high as anticipated, as the handset just didn't seem to catch the market’s attention to the extent that the company was expecting.
LG V20 or V11 might be revealed in early September
The division recorded a 12% increase from the first quarter but declined compared to the same period in 2015. Smartphone shipments rose 3% compared to the previous quarter, and LG expects the launch of the new V series and expanding sales of K and X series phones to improve the performance next quarter. LG has thus hinted at the debut of the V20 or V11 smartphone this quarter.
A few days ago, we reported that a Verizon-branded LG smartphone was approved by the FCC, thus signaling an imminent launch. The device is believed to be the successor to LG's V10, and some rumors say that the phone could arrive this September. In its latest report on financial results, LG seems to have confirmed just that.
LG's upcoming smartphone in the V series could be called the V20 or V11, but its name is still vague at this point. There is little information on the upcoming handset, but it is expected to have more powerful specs compared to its predecessor, the V10. It's quite unclear at this point if the V20 will come with a secondary display as well.