toggle

AAPL Stock: 123.54 ( + 0.77 )

Printed from http://www.macnn.com

LG slashes TV aims by 20 percent due to rough economy

updated 09:45 am EDT, Thu August 18, 2011

Follows Sony and others in lowering sales forecast

LG has cut its 2011 sales target for TVs by 20 percent, from 40 million to 32 million units. The South Korean electronics giant follows rival Sony, Samsung, and Panasonic in lowering its expectations for the year. The weaker sales are primarily the result of the struggling economies in the US and Europe.

"TV sales are seen sharply below our original target," an unnamed LG official said to Reuters, "as the euro zone fiscal crisis is likely to continue and a US consumption recovery also remains uncertain."

Manufacturers have been scrambling to stem their losses or bolster weak profits in the wake of the softening TV sales. In April, Philips sold off a 70 percent stake in its television operations to Hong Kong display manufacturer TPV. Earlier this month, Sony revealed that it expected to post a significant operating loss for its television segment this quarter, and dropped its annual forecast from 27 million TVs to 22 million units. The company is looking at ways to restructure its TV operations.

More recently, it was reported that Hitachi would stop making TVs. It would stay in the market, but only with rebranded products from other vendors.

LG has not officially commented on its reduced forecast.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

15-inch MacBook Pro with Force Touch

Apple's 15-inch Retina MacBook Pro continues to be a popular notebook with professional users and prosumers looking for the ultimate ...

Typo keyboard for iPad

Following numerous legal shenanigans between Typo -- a company founded in part by Ryan Seacrest -- and the clear object of his physica ...

Entry-level 27-inch Retina iMac

The 27-inch Apple iMac with 5K Retina display is already one of the best value-for-money Macs that Apple has ever released. It was som ...

toggle

Most Commented