TV manufacturer LG has cut its estimate for global sales of LCD TVs this year. LG now believes sales will be well below earlier market estimates of 220 million units.
LG has not specified a new figure for expected sales, but CEO Young Soo Kwon, citing market research indicating that sales would be around 215 million units, said that the company believed sales would fall below even that reduced level.
Kwon said that in the current economic climate consumer were not seeing the value for the premium they had to pay for TVs with 3D and connected capabilities.
LG reported its third consecutive quarterly operating loss yesterday. The company has also cut its capital expenditure plans for the year by 18%.