LG Electronics shares drop as Q3 prelim earnings miss estimates

LG Electronics' shares experienced a significant drop on Wednesday following the release of preliminary third-quarter operating profit figures that fell short of market expectations. Despite a year-on-year growth in profit, the company's estimates of 781.8 billion won ($583.8 million) for Q3 operating profit represented a 13.5% increase from the previous year. Revenue also saw an 8.9% rise, reaching 23.83 trillion won.

However, the operating profit remained 17% below the 941.7 billion won average forecast provided by Yonhap Infomax. The Seoul-listed shares of LG Electronics plummeted by 7.7%, trading at 214,500 yen by 03:21 GMT, after a previous session's strong gain. For the first nine months, revenue increased by 9.2% to 71.38 trillion won, while operating profit surged by 55.9% to 4.03 trillion won.

The preliminary figures do not include net income and are still subject to an external audit. LG Electronics is anticipated to provide additional details during its release of the full third-quarter results later this month.