LG cuts full-year smartphone sales forecast by 20%

On Thursday LG’s Park Jong Seok, head of the mobile phone business, announced that his company is cutting its full-year smartphone sales forecast by 20% and now expects to sell 24 million smartphones in 2011, down from its earlier forecast of 30 million units. According to Bloomberg, Park noted that the mobile phone business is “slowly” improving but couldn’t provide a firm time on when investors would see improvement on the company’s balance sheet. “It’s hard to give an exact timing, because there are so many market variables, and the situation changes quickly,” he said. Park expects LG to sell 1.7 million units of its new Optimus 3D smartphone by the end of the year and said “we want to

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