South Korean electronics giant LG recently lowered it yearly forecast for smartphone sales as the company struggles to compete in an increasingly competitive market.

According to a recent Reuters report, LG Electronics reduced its predicted sales from 30 million smartphones to 24 million, while also cutting its overall mobile phone estimates from 150 million to 114 million.

The report also noted that LG's mobile phone business has experienced five consecutive quarters of loss, despite releasing a number of well-reviewed handsets, including the Optimus Black and the Optimus 2X.

"LG's weakness in smartphones is having a knock-on effect across the portfolio and severely straining margins. Nokia's recent price drops reflect the cut-throat economics all phone makers face," CCS Insight research director Ben Wood told the news provider.

LG isn't the only big name to struggle to compete in the smartphone market in recent years. Nokia and Research In Motion have also seen market shares slip to the likes of Samsung, Apple and HTC. However, Nokia's luck may soon turn around as the company prepares to release its first smartphone based on Microsoft's Windows Phone 7 software.