LG Electronics today slashed its smartphone sales target for 2011 from 30 million to 24 million.

While the company said it expected smartphone sales to rise by 40 percent in the second half of the year to 14 million units, it simultaneously cut its overall handset sales for 2011 from 150 million to 114 million.

The company's latest high-end Android smartphones, the Optimus 2X and the LG Optimus 3D, have been met with tepid reviews. The company has faced stiff competition from the likes of HTC, Motorola and Samsung over the past year.

LG has been unable to match the quality, consistency and distribution of popular offerings like the Samsung Galaxy S line of smartphones and tablets.

"Our overall performance is gradually improving... but it's difficult to give a precise prediction when our business will turn around due to a fast changing external market environment," said Park Jong-seok, head of LG's handset division, at a media briefing on Thursday, as quoted by Reuters.

LG is betting on the Optimus 3D to be a major differentiator among the growing crowd of Android devices. LG said it hopes to sell 1.7 million Optimus 3Ds this year. The new "superphone" boasts a 4.3-inch display, dual cameras and glasses-free 3D functionality.