South Korea tech giant LG Electronics has announced its annual revenue for 2018 and it is pretty impressive. The company raked in a whopping $54.4 billion in revenue and a record profit of $2.4 billion. It is interesting to note that the company’s profit for last year is 10% higher than in 2017.
This impressive record comes amid a continued decline of the company’s mobile phone division. The mobile division raked in a yearly revenue of just $7.08 billion, incurring liabilities in excess of $700 million covering the cost of operations. However, the company disclosed that the mobile division is showing signs of improvement thanks to better control over spending and inefficiencies. Perhaps, to set on a quick path to recovery, LG is gearing up to launch the V50 ThinQ 5G phone alongside the G8 at MWC 2019. The tech giant also hinted that it will rely on operator-driven markets (North America and Korea) for stable sales this year and will push 5G phones and devices with “different form factors” to try and go back in the black.
The breakdown of the company’s profits for 201 is as follows;
LG Home Entertainment posted a record profit of $1.35 billion. It will lean on its premium OLED TVs and large 4K TVs to increase revenue and profits.
LG Home Appliance also posted a record profit of $1.35 billion and was LG’s strongest performing unit in 2018.
The LG Vehicle Components Company took in $1.24 billion, the highest in the division’s history. This is attributed to the high demand for infotainment hardware and a strong performance of ZKW. LG acquired 70% of ZKW’s shares in 2017 for €1.1B, the largest acquisition in the Korean company’s history.
(source)
