Korean business analysts are slashing their estimates for LG’s quarterly profit left and right, it seems. The Daishin Securities firm has decreased the operating profit forecast for LG Mobiles Division to $50.7 million from $92.3 million, and Korea Investment & Securities lowered theirs to $61 million from $104 million.
This is quite the steep drop, considering that LG made $66 million in the first quarter, when the G4 wasn’t even on sale. It’s precisely the performance of the G4 that prompted the analysts to cut their lofty expectations for 8-12 million LG flagships sold this year. Given that so far the shipments have totalled 2.5 million G4 handsets only, LG will have a steep climb if it wants to actually sell at least that much in each subsequent quarter against a rising competition.