The latest buzz is that LG is all set to launch its first smartphone by the end of September. This new smarthphone from the Korean giant will be based on similar lines as of Microsoft's Window's phone 7 software. The phone has already left the tech enthusiasts wanting for more from its stylish looks available on the net.

The company has also rolled up its sleeves in and is eying to invest heavily in research and development of mobile phones Oss. This also includes Android and other Linux distributions. The company is facing a turbulent time from its mobile phone division as the unit declared an operating loss and also a 30.8 percent drop in sales revenue.

While on the other hand, the shipments of the handsets increased to 2 percent on YOY basis to 3.06 units. The company's average selling price of handsets witnessed a sharp decline. This was primarily because of company's strategy to sharply focus on emerging markets in a big way.

The consumer durable giant holds around 8% share of the mobile phone market and slots at number 3 position after the market Leader Nokia and Samsung following it.

The company will continue to focus on its existing strategy in the future as well.