LG announced an increase in revenue in the second quarter of 2022 to 15% year-over-year following the closure of its mobile phone division.
According to their own financial results, LG revenue was KRW 19.2 billion, about $14.7 billion, the highest for a second quarter in the company’s history.
LG on the rise
In accordance with LG, the strong business was the sale of home appliances in the key market and the growth of the automotive components market. Only in the first case LG broke sales records to date with over 8 billion won in revenue.
Of course, not everything was green, as operating income for chipsets fell 12% year-over-year, possibly influenced by the world’s shortage of these semiconductors.
And no mobile phones
A year ago LG officially withdrew from the cell phone industry as it was a market in which she was losing a lot of money quarter after quarter. In 2020 alone, its cumulative operating loss reached 5 billion won (US$4.4 billion).
Business on smartphones LG sales peaked in 2014. At that time, it ranked second in the market after Samsung Electronics in South Korea and Apple in the US, but continued to lose shape, pushed by the success of Chinese companies. huawei, xiaomi D OPPO.
When announcing his departure, the company indicated that it was looking to strengthen other areas with a big outlook for the future.
It is possible that LG He still does smartphone-related work — making components for them like cameras and screens, selling phones on his 5G network in South Korea, and working to lead the development of the 6G standard — but at least he’s not definitely loses. … as much money as he made when he was producing it entirely.
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Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.