LG does better than expected


LG
has estimated that its first-quarter operating profit rose 82 percent to its highest in nearly eight years.

The news surprised the cocaine nose jobs of Wall Street who had expected things to be better for the troubled manufacturer but not that good.

LG said its January-March operating profit was $812.62 million and the highest since the second quarter of 2009.

Revenue for the quarter likely rose 9.7 percent, the firm said.

Earlier in the day, Samsung estimated the January-March period will produce its best quarterly profit in more than three years, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

Though LG did not elaborate on its forecasts, analysts say LG’s mobile business likely turned an operating loss for the eighth straight quarter. Sales of its new G6 flagship smartphone began in March and will not provide meaningful contributions until the second quarter.

Still, some analysts said losses likely were smaller in January-March as LG’s new lower-tier products fared better and the company reduced marketing spending.