LG Electronics, the South Korean electronics giant has reported a drop in their profits in the last quarter due to low sales of phones. The profit for the quarter ending in June as reported was $723 mn which was less than the last year by 33%.
The drop in revenue was slightly less as it stood at 14.4 trillion won.

Experts are of the opinion that when it comes to smart phones LG is behind its competitors in terms of technology and they need to find a way out to increase their market share in the TV and smart phone businesses so that the profits increase. As per analysts, the key to improving their financial performance was to get their own place in the smart phone market which is continuously expanding and developing.

The general trend in the market these days is smart phones but the phones from LG are not doing well in this area. LG needs to match Samsung and enter the area as soon as possible, as per experts, as the smart phones market is set to expand in the second half of the year. It will otherwise become very difficult for LG to recover their profits soon.

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