News Summary: LG Electronics profit plunges

News Summary: LG Electronics 1Q profit plunges as slow TV sales mask mobile rebound

Associated Press

SHRINKING PROFIT: LG Electronics first-quarter earnings shrank to less than one-tenth of the year-earlier quarter as its TV business languished, masking a recovery in mobile phone sales.

STRONG DEMAND: LG shipped 10.3 million smartphones in the quarter thanks to strong demand for its mid- and low-end phones and increased market share in Europe and Latin America. It still lags Samsung Electronics Co. and Apple Inc.

SEES IMPROVEMENT: The South Korean company forecast higher profit for the current quarter as new smartphone models and a revamped lineup of TVs enter global markets. It expects worldwide demand for TVs to remain muted.

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