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LG reports impressive Q1 results as mobile division heads for the exit




LG introduced its cell division will be closed this 12 months seeing that it can’t flip worthwhile in the present day market. However, the company’s record confirms all different branches have posted a each year extend in sales, bringing the whole income to KRW18.8 trillion – the most LG has ever recorded between January and March.


Mobile Divison Performance Q1 2021 Q4 2020 QoQ Change Q1 2020 YoY Change
Sales in KRW / USD 998.7B / 901M 1,385B / 1.24B -27.9% 998.6B / 901M 0%
Profit in KRW / USD -280B / -252M -248B / -224M -12% -237B / -214M -18%

The largest grower was once the Home Entertainment division. People staying at domestic resulted in convalescing demand in North America and Europe – historically worthwhile markets the place LG managed to enlarge its income of OLED and NanoCell TVs. The upward trend is predicted to proceed and will be headquartered round top rate products.

The cellular commercial enterprise is already performing its swan tune – the closing strive to salvage what is left earlier than operations are discontinued later this year. During Q1 2021, LG managed to sell phones worth KRW998.7 billion, which is precisely the identical as Q1 2020 down to the decimal point. There have been no new fashions launched and movements had been aimed at current models.

LG will be redeploying all personnel within the corporation, going for a liquidation of assets, compensating companions and suppliers of provider support.

All income things to do of the Mobile Communications division will be terminated at the stop of July, and that’s when the Q2 record will be out, disclosing the ultimate numbers, the place LG will exhibit a breakdown between persevering with and discontinued operations.

All sales activities of the Mobile Communications division will be terminated at the end of July, and that’s when the Q2 report will be out, disclosing the final numbers, where LG will show a breakdown between continuing and discontinued operations.