Investing.com-- LG Electronics (KS:066570) shares fell sharply on Wednesday after the company reported preliminary third-quarter operating profit that missed market expectations, despite posting year-on-year growth.
The South Korean electronics maker estimated third-quarter operating profit at 781.8 billion won ($583.8 million), up 13.5% from a year earlier, while revenue rose 8.9% to 23.83 trillion won.
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Operating profit was about 17% below the 941.7 billion won average forecast compiled by Yonhap Infomax.
Seoul-listed shares of the company fell 7.7% to 214,500 yen by 03:21 GMT, reversing a strong gain in the previous session.
For the first nine months, revenue rose 9.2% to 71.38 trillion won and operating profit jumped 55.9% to 4.03 trillion won.
The preliminary figures exclude net income and remain subject to an external audit. LG is expected to provide further details when it releases its full third-quarter results later this month.
Original Article
LG Electronics shares drop as Q3 prelim earnings miss estimates
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