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LG Seeking Cash to Keep Phone Business Afloat

Nov 3, 2011, 7:51 AM by Eric M. Zeman

Phone maker LG is looking to raise as much as $945 million to bolster its ailing smartphone business through a new rights offering of its stock. LG has lost share in the smartphone market to the likes of Apple, Samsung, HTC, and others, and its smartphone business has lost nearly $1 billion over the past six quarters. "The rights offering is aimed at securing ample resources required to improve competitiveness of our core businesses. We'll continue to invest in our core businesses including smartphones, to regain our initiative," LG said in a statement. The company indicated it would rather not take on more debt and believes the rights offering is the way to go. In response to the announcement, LG's stock price dropped another 14% today in trading sessions across Asian indices.

Reuters »

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GettingSleepy

Nov 3, 2011, 11:24 AM

Maybe if there were a reason to buy their smartphones

I can only comment on the Verizon side of things, the Ally and Vortex both like to corrupt SD cards, and the Revolution was just a thunderbolt that came out a few months later. Make a decent economic product and give customers a reason to be excited to own your high end phones.

KOL4420

LG has some decent phones the problem is that they dont SUPPORT THEM!!! Bleh, its like Kyocera and the early Samsung smart phones sigh. 🙄

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