LG has reined in its target smartphone sales targets for 2011, a seeming admission that it is struggling to carve out a niche in the growing market for high end phones.
The company has also redressed its overall mobile phone targets, reckoning it will sell 114 million mobile phones, including feature phones and smartphones, rather than its original estimate of 150 million.
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The revised estimates are based on the fact that LG sold almost 50 million mobile phones in the first half of the year, including more than 10 million smartphones.
The second half of the year, which includes the annual orgy of consumption that is Christmas, is forecast to be slightly better than the first.
"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," said Park Jong-seok, head of LG's handset division.