Phone sales help spark LG to record quarter

07/22/2009 | Reuters

Strong cell phone sales helped LG Electronics post record earnings in the second quarter as the company sold 29.8 million handsets, compared with 22.6 million in the previous quarter, and snatched market share from Nokia and Motorola. Analysts, however, warned that the company's above-average profit margins -- aided as well by solid TV sales -- could be squeezed in the months ahead because of fierce competition, the recession and lower-end handsets.

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