Well, just the other day I was saying that innovation isn’t necessarily a recipe for success. LG has laid claim to the world’s first dual-core and autostereoscopic smartphones, and the world’s first 3D tablet, but it’s still struggling to turn a profit.
Now the Korea Economic Daily reports that the South Korean manufacturer is set to lay off around 30% of its overseas mobile staff.
LG dismissed the report as speculation and declined to comment further, however it’s also said to be considering cuts to its domestic mobile business.
The overseas lay offs are thought to apply predominantly to mobile marketing and purchasing resources.
The manufacturer - which rocks both Android and Windows Phone 7 - reported sales of $3 billion in Q2, which sounds pretty good on the face of it, but ultimately LG posted a loss of $49.8 million. In July, sales forecasts for 2011 were cut from 30 to 24 million.