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LG Cuts Smartphone Sales Target 20% After Apple, Samsung Gain

LG Electronics Inc., the world’s third-largest mobile-phone maker, lowered its full-year smartphone sales target by 20 percent after losing customers to competitors led by Apple Inc. and Samsung Electronics Co.

The company expects to sell 24 million smartphones this year, Park Jong Seok, head of the mobile business, said at a media briefing today in Seoul. The company had previously forecast 30 million.