LG Electronics second-quarter operating profit skids 60 percent

Reuters News
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Posted: Jul 29, 2015 2:22 AM

SEOUL (Reuters) - South Korea technology firm LG Electronics Inc said on Wednesday its April-June operating profit slid 60 percent from a year earlier, well below estimates, hit by weak sales of televisions and smartphones.

LG reported a second-quarter operating profit of 244 billion won ($210.74 million), compared with a 395 billion won mean estimate from a Thomson Reuters I/B/E/S survey of 33 analysts. The Thomson Reuters StarMine SmartEstimate, which gives greater weighting to more accurate analysts, had tipped a 349 billion won profit.

(Reporting by Se Young Lee; Editing by Kenneth Maxwell)