LG Electronics says second-quarter profit likely rose 16.1 percent, misses estimates
SEOUL (Reuters) – South Korea’s LG Electronics Inc on Friday said second-quarter operating profit likely rose 16.1 percent from the same period a year earlier, falling short of market expectations.
Analysts said higher marketing expenses for new products weighed on profit.
LG, in a regulatory filing, estimated April-June profit at 771 billion won ($ 691.79 million), compared with an 821 billion won average of 10 analyst estimates in a Thomson Reuters survey.
Revenue likely rose 3.2 percent to 15 trillion won from 14.6 trillion won from a year earlier.
The firm did not elaborate on its performance and will disclose detailed earnings in late July.
Reporting by Heekyong YangEditing by Christopher Cushing