LG Electronics today released its earnings report for 2020. There was a 1.53 percent increase in its revenue of 63.26 trillion won (US$ 56.45 billion) from 2019. The financial report also showed that Q4 2020 revenue was 18.78 trillion won (US$ 16.76 billion) reflecting a massive jump of 16.9 percent from its corresponding performance in Q4 2019The increased revenue figures of 2020 yielded an operating profit of 3.20 trillion won (US$ 2.85 billion), an increase of 31.1 percent from 2019, and this is a new record for the company. The record-setting performance was mainly driven by higher sales of home gadgets and OLED TVs in addition to a strong showing in automotive component solutions.
The operating profit for Q4 2020 was 650.20 billion won (US$ 580.19 million), ramping up 538.7 percent from 2019.
LG projects that 2021 will see a normalization of the global economy as vaccines are now coming on board across the world to cope with the COVID-19 pandemic.
The Mobile Communications division of LG reported revenue earnings of 5.22 trillion won (US$ 4.66 billion) for the full year 2020, while Q4 sales grew 4.9 percent to 1.39 trillion won (US$ 1.24 billion) from 2019, but 9.2% lower than Q3 2020, not unconnected with the global shortages of 4G chipsets in addition to sluggish sales of LG flagship smartphones in the global market.
The full-year operating loss was 841.20 billion won (US$ 750.63 million), reflecting increased marketing investments to support sluggish sales of flagship models, partially offset by manufacturing efficiencies.
In 2021, with 5G technology moving at a fast pace, the global demand for smartphones is expected to go up but intense competition is expected among the players.
- Xiaomi patents two more surround display smartphone designs
- Xiaomi Mi 11 global launch set for February 8
- Xiaomi patents a Smartphone design with a detachable rear camera layout
ALWAYS BE THE FIRST TO KNOW – FOLLOW US!