LG wants to increase turnover from smartphones with the introduction of cheaper models

LG wants to reverse the declining trend in smartphone sales by releasing cheaper models in the coming months. This is stated in the group’s quarterly figures. The company soon expects to earn more from smartphones.

LG will come up with new smartphones in cheaper price ranges in the coming months to boost sales, the manufacturer writes in the quarterly figures. The previously announced Velvet smartphone must also go on sale in more countries. In this way, LG wants the turnover from smartphones to increase again. That turnover decreased by about 19 percent compared to the same period last year. Compared to the previous quarter, an increase can be seen.

In the field of TVs, LG will bet on its expensive models. These are models with OLED screens, its Nanocell series, and TVs with large screens. TV sales declined due to the corona virus outbreak and associated lockdowns. LG does not refer to it, but in Europe the cancellation of the European Football Championship for men may have been a factor. Major sporting events are known to boost TV sales.

LG as a concern achieved 18 percent less turnover than in the same period last year and amounted to around 9.1 billion euros. Net income amounted to around EUR 46 million, a decrease of around 38 percent compared to the same period last year.