According to their latest financial results, both Sony and LG’s smartphone divisions are struggling to sell devices.
LG’s Mobile Communications division reported sales of $1.38 billion – a 21.3% decline compared to the same period last year.
The company attributed these poor figures to a general lack of demand within the market, as well as “aggressive pricing by Chinese brands”.
LG said it expects improvement in the third quarter when new products launch and there is a greater demand for 5G products.
Sony reported $776 million in sales for its Electronics Products and Solutions division, of which smartphones are a part. This is a 15% decrease compared to the same period last year.
Sony said that these disappointing results are due in part to a drop in shipments of a variety of electronic products, including smartphones, televisions, and cameras. They also blamed changes in foreign exchange rates for some of the problems.
The company is looking into cutting costs so that it can improve its financial outlook within this division.