Indeed, LG has reduced its forecast from 30 million down to 24 million smartphone sales.
Added to this, the manufacturer has redressed its overall mobile phone targets, suggesting it will sell 114 million mobile phones instead of the 150 million it had initially forecast.
The forecast revision was prompted by the news that LG sold almost 50 million mobile phones in the first half of 2011.
"Our overall performance is gradually improving ... but it's difficult to give a precise prediction when our business will turn around due to a fast changing external market environment," Park Jong-seok, head of LG's handset division, commented.
Founded in 1947, LG is the second largest South Korean conglomerate company. The firm produces electronics, chemicals, and telecommunications products.
LG also operates subsidiaries such as LG Electronics, LG Display, LG Telecom and LG Chem.
Posted by Simon Jones
