LG posts Q4 results, 2010 profit down 93 percent, cellphone sales down 15 percent

Nokia isn't the only one with bad news today. LG has posted its Q4 results and is taking this time to look back on what can only be described as a dismal 2010 overall. Fourth-quarter revenues were up 9.4 percent over the third quarter, but still resulted in a 246.4 billion won loss -- that's about $226.3 million. LG Home Entertainment sales were actually up almost 16 percent but still posted a loss thanks to cut prices and stiff competition. LG Mobile, meanwhile, saw an eight percent increase in sales over previous quarter, thanks to "strong" performance of phones like the Optimus One, but compared to 2009 sales are down 14.7 percent, a 15.2 percent drop for handsets alone. Looking for some cooler news? Air conditioning sales are up 50 percent!