By News Reporter
Highest Second-Quarter Revenue in Company’s History Reflects
Sales Growth for Premium LG Home Appliances and Auto Parts
SEOUL, July 29, 2022 — LG Electronics Inc. (LG) announced its highest-ever second-quarter revenues, reflecting strong sales for LG home appliances in key regions and the profitable growth of LG’s vehicle components business as the global automotive industry rebounds.
LG reported revenues of KRW 19.5 trillion in the second quarter of 2022, 15 percent higher than the same quarter the previous year. Operating profit for the second quarter was KRW 792.2 billion, 12 percent lower than the same quarter last year, largely due to supply chain challenges and higher logistics costs.
Given the business impact of the evolving state of the pandemic and economic conditions, LG is leveraging its comprehensive business portfolio, expanding sales from premium to mass-tier products and growing business-to-business areas such as auto parts.
The LG Home Appliance & Air Solution Company reported revenues of KRW 8.07 trillion in the second-quarter, first time in LG’s history for a single business unit to exceed quarterly revenues of KRW 8 trillion. Operating profit was KRW 432.2 billion. Revenues increased 18 percent from the second quarter a year ago, mainly driven by stronger sales of premium appliances and new categories such as hygiene products using steam technology in the key regions of North America and Latin America. The business unit plans to continue its momentum by improving competitiveness of premium products and strengthening its mass-tier lineup.
The LG Home Entertainment Company recorded revenues to KRW 3.46 trillion in the second quarter with operating loss of KRW 18.9 billion reflecting increased marketing investments in response to intensified market conditions. LG’s Home Entertainment strategy will center on effectively managing marketing expenses and growing the premium TV segment, particularly around peak selling seasons including the FIFA World Cup and holiday.
The LG Vehicle component Solutions Company achieved second-quarter sales of KRW 2.03 trillion, a 19 percent increase from the same period of 2021, leading the business unit to be profitable for the first-time. The significantly higher sales were driven by LG proactively responding to higher demand from automakers with efficient supply chain management. With the cloud of uncertainty created by inflation and geopolitical risks, the company will continue to build strong relationships with global automakers along with strong cost structure management to further improve profitability.
The LG Business Solutions Company recorded solid second-quarter revenues of KRW 1.54 trillion with operating profit of KRW 14.3 billion. Revenues increased 19 percent from a year ago largely on the back of recovery of the business-to-business segment. The company plans to aggressively target the rebounding B2B segment by developing more customized solutions and expanding its product portfolio for stable growth.
Discontinued Operations: Second-quarter financial results from LG’s solar panel business, which closed in June as previously announced, are being treated as a loss from discontinued operations.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 29, 2022 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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I have LG TV UF6800. TV is working well. The youtube app had worked well until a couple month ago. The yoyube hangs very often after playing advertisement. It also hangs after playing a long video (around 30 min). By "hangs" I mean it is still there, showing the youtube UI, but we cannot play any video. Just black, staying there forever.
I am using wired network on the TV.
I tried updating app, nothing. I googled and tried unpluging power while watching...., no help. BTW the youtube (with the same user) works well on PC and iPad.
If you think this is not LG's problem, please advise to whom I should contact.
While watching YouTube on my WebOS TV, I very frequently pause the picture and I do not like the picture dimming the second i hit pause. It makes an extremely unpleasant experience when the remote requires 6 actions to go from 'pause' to 'play'.
Step 1) push 'pause' (screen goes dim)
Step 2) 'up arrow' (to get rid of dimming)
Step 3) 'up arrow' a second time (to finish getting rid of dimming)
Step 4) push 'play' (screen goes dim)
Steps 5 +6) repeat steps 2+3 (screen is now bright and playing)
6 steps? 2 steps is the ONLY logical number. 1) pause and 2) play (actually just pause for both pausing and play but we'll leave that for now) 6 steps makes for a VERY unpleasant viewing experience.
Yes I am aware the screen will return after about 3 seconds. (unpleasant/frustrating)
Yes I am aware that I can use the 180 degree arrow key to reduce the number of steps to only 4. There are 2 problems with this method. 1) Its still 2 steps too many. 2) If i wait a split second too long, the screen will return to bright screen at the same moment I push the button and now that 180 degree arrow button is programmed to return you to the main menu. This makes it even more aggravating because I now have to go into the history menu to restart the video.
Can someone please tell me how to eliminate the auto dimming? If its not possible, can the webOS programmers just reprogram the system to stop doing this. Yes, its a first world problem, but when you hit 'pause' as much as i do, honestly want to return the TV. I can't take how poorly it was designed. It makes no sense. thank you for your help.
By Triveni Dental
It is really annoying to kNow that our LG webos does not have support for gaana, YouTube music and and nordvpn. Please please add the above mentioned apps.