Feeds

LG's CEO hangs up

Mobile crash

Intelligent flash storage arrays

The curse of the iPhone continues. A week after Nokia dispensed with its CEO, so has LG Electronics. Nam Young has resigned to make way for Koo Boon-joon, a member of LG's founding family and younger brother of LG Chairman Koo Bon-moo.

LG is the third largest mobile phone company, but profits have changed to steep losses over the past year. In Q2, LG's mobile phone division lost KRW120bn on sales of KRW3.3tn, with revenue falling 30.8 per cent year-on-year in Q2. The company blamed average selling price decline as the market was flooded with undistinguished touchscreen phones. Q3 results are imminent.

Strong growth in flat panel TVs and displays (it supplies components for the iPhone) have offset the fall in mobile profits, but mobiles makes up almost a third of the giant chaebol's income.

If you thought Nokia's performance has been lacklustre, remember that it still makes a profit from its mobile phones division. It was in a far worse position back in 1992 as a sprawling, unfocused and barely creditworthy conglomerate - a sort of Finnish chaebol - than it is today.

But like everyone else, it's seen RIM and Apple scoop up what profits there are to be made in the phone business, and without profit, there's no point being in the business. ®

Security for virtualized datacentres

More from The Register

next story
TEEN RAMPAGE: Kids in iPhone 6 'Will it bend' YouTube 'prank'
iPhones bent in Norwich? As if the place wasn't weird enough
Consumers agree to give up first-born child for free Wi-Fi – survey
This Herod network's ace – but crap reception in bullrushes
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
New EU digi-commish struggles with concepts of net neutrality
Oettinger all about the infrastructure – but not big on substance
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
Surprise: if you work from home you need the Internet
Buffer-rage sends Aussies out to experience road rage
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.