South Korean technology titan LG Electronics posted its highest-ever yearly sales in 2015, however its earnings weakened.
The firm on Friday reported sales of around 83-point-4 trillion Korean won, or roughly 67-point-6 billion U.S. dollars.
This is up about nearly 13 percent from the previous year.
The surge was on the back of solid performances from its residence devices and electrical vehicle parts companies.
In terms of running revenues, LG saw an on-year reduction of 12-and-a-half percent to about 3-point-5 trillion won or practically 2-point-9 billion bucks.
This was because of a loss in demand amidst global inflation and climbing marketing prices.
LG reported a profits shock in the fourth-quarter with its operating revenues diving by over 90 percent from the year prior to.
South Korean tech giant LG Electronics posted its highest-ever annual sales last year, but its profitability weakened.
The company on Friday reported sales of around 83-point-4 trillion Korean won, or roughly 67-point-6 billion U.S. dollars.
This is up about nearly 13 percent from the previous year.
The rise was on the back of strong performances from its home appliances and electric vehicle parts businesses.
However, in terms of operating profits, LG saw an on-year decrease of 12-and-a-half percent to about 3-point-5 trillion won or almost 2-point-9 billion dollars.
This was due to a fall in demand amid global inflation and rising marketing costs.
LG reported an earnings shock in the fourth-quarter with its operating profits plunging by over 90 percent from the year before.
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South Korean tech giant Samsung Electronics has reported its highest-ever sales for 2021, led by its chip business and new phones.
Record-high sales at LG Electronics too… on its home appliance business… which is now the biggest in the world.
Eum Ji-young has more.
Samsung Electronics posted better than expected earnings in 2021.
According to the firm’s earnings guidance on Thursday,… its estimated operating profit last year was around 43 billion U.S. dollars,… around 44 percent higher compared to 2020.
This is the company’s third highest operating profit ever and the largest since 2018’s semiconductor boom period.
Sales hit a record 232 billion dollars,… up 18 percent compared to the year before.
Operating profit in the final three months of 2021 was around 11 billion dollars,… up 53 percent on-year.
The surprising earnings were led by semiconductors,… with 78 billion dollars in sales, making Samsung the world’s market leader,… topping Intel for the first time in three years.
“2021’s strong earnings were led by the rise in the average selling price of memory semiconductors in the first to third quarters in 2021 compared to the previous year. Another factor was an increase in the shipments of OLED products and an improvement in the profitability of smartphones.”
Samsung Electronics’ strong earnings were also largely due to its latest smartphone series,… including the Galaxy Z Fold 3 and Galaxy Z Flip 3.
One million of these new foldable phones were sold in the 39 days after their release and around eight million of Samsung’s foldable phone models were sold last year overall.
LG Electronics also posted an earnings surprise last year,… recording an all-time high in sales.
According to the company’s guidance report,… estimated sales came to about 62 billion dollars last year,… up almost 29 percent on-year.
This is the first time the company’s yearly sales figure has topped 70 trillion won which is about 58 billion dollars.
LG Electronics’ yearly sales ranked first among global companies for the first time,… beating America’s Whirlpool’s sales of around 22 billion dollars.
The company said strong sales of LG’s home appliances along with an expansion of major markets abroad have helped boost revenue.
Eum Ji-young, Arirang News.
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South Korea’s tech titan LG Electronics has actually determined to close down its mobile business permanently.
After running the system for 26 years, … the board picked Monday to entirely pull the plug on its mobile phone department.
Yet the business stated it would maintain employment of approximately three-thousand-seven-hundred employees that will certainly be redeployed to other departments.
It said the abandonment resulted from strong competitors as well as the continued decline in the smart phone maker’s sales.
LG Electronics supposedly sought to market the money-losing system but did not make much development in arrangements.
Its mobile phone organization has not made an earnings for 23 quarters in a row given that 2015.
South Korea’s tech giant LG Electronics has decided to shut down its mobile business for good.
After running the unit for 26 years,…the board decided on Monday to completely pull the plug on its mobile phone division.
But the company said it would maintain employment of roughly three-thousand-seven-hundred workers who will be redeployed to other departments.
It said the abandonment was due to fierce competition and the continued downturn in the mobile phone maker’s sales.
LG Electronics reportedly sought to sell the money-losing unit but did not make much progress in negotiations.
Its mobile phone business has not made a profit for 23 quarters in a row since 2015.
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