By News Reporter
Highest Full-Year Revenue in LG Electronics’ History With
Continuous Growth Based on Strong Fundamentals
SEOUL, Jan. 27, 2023 — LG Electronics Inc. (LG) today announced full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion.
In 2022, LG achieved its highest annual revenue ever – surpassing KRW 80 trillion for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded KRW 70 trillion for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.
The company’s revenue growth in 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance business unit saw significant year-over-year growth. The turnaround of LG’s Vehicle components Solutions business in 2022 reflected steady improvements in the automotive industry, and this business exceeded 10 percent of LG’s total revenue for the first time.
The LG Home Appliance & Air Solution Company saw another record-setting year with 2022 revenue of KRW 29.9 trillion, an increase of 10.3 percent from the previous year, as a result of company’s premium-focused strategy that includes unique appliances such as LG Styler clothing care systems, all-in-one WashTower laundry centers, and LG InstaView refrigerators with Craft Ice. Full-year 2022 operating profit was KRW 1.1 trillion lower than in the previous year caused by increased marketing investments and higher logistics costs. The business unit plans to consistently pursue its premium-centered strategy by improving competitiveness of premium products as well as strengthening its mass-tier lineup, along with cost structure management to enhance profitability. In addition, the company will accelerate the expansion of smart home ecosystems by expanding upgradable appliance lineups in the overseas markets.
The LG Home Entertainment Company reported 2022 revenue of KRW 15.7 trillion and operating profit of KRW 5.4 billion. Although lower global TV demand impacted revenue and operating profit versus 2021, the company’s content and services business based on LG’s smart TV platform has grown ten-fold since 2018. As challenging business conditions persist, the company will focus on expanding LG’s smart TV platform to diversify its overall business portfolio and secure future growth engines. Furthermore, the company will maintain its competitive edge by growing the premium TV segment, such as OLED TV and QNED TV, as well as effectively managing marketing expenses.
The LG Vehicle component Solutions Company increased revenue by 29.1 percent in 2022 from 2021 to KRW 8.6 trillion with a full-year operating profit of KRW 169.6 billion. The business unit’s profitable growth was driven by proactively responding to higher demand from automakers. By year-end 2022, the total value of accumulated orders for auto parts is around KRW 80 trillion, reflecting the company’s position as a leading supplier to the worldwide automotive industry. The company will continue its momentum by strengthening its global supply chain and will work to further increase profitability through efficient cost structure management.
The LG Business Solutions Company’s 2022 revenue of KRW 6.1 trillion increased 11.2 percent over the previous year driven by continuous recovery of information displays. Full-year operating profit declined, primarily due to lower post-pandemic demand for PCs and monitors. Looking ahead, the company plans to improve competitiveness of PCs and monitors, while driving stable growth in the B2B segment by developing more customized solutions.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 27, 2023 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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LG C2 Oled Connected to Samsung HW-Q800B Soundbar: Sound delays to respond during movie pause/unpause on TV streaming Apps like Netflix and Prime Video when sound output is set to PassthroughBy GiotisCy
I have recently purchased an LG C2 Oled TV which I connected with my Samsung HW-Q800B 5.1 soundbar via eArc HDMI. When I select "Passthrough" as a Digital Sound Output on LG TV sound advanced settings, there is an obvious sound response delay around 3 seconds when I pause and unpause the movie on Netflix or Prime video streaming apps on LG TV. For example, when I start the movie, the video starts and sound starts 2-3 secs later. When I pause the movie, the sound continues for 2-3 secs after the video has been stopped. There is no any lip sync issue, just this response delay of the sound from the soundbar. This happens only on LG TV Apps. If I connect to an external HDMI device such as AMAZON Fire Stick 4K, there is no such sound delay issue neither on Netflix neither on Prime Video.
Thus, the problem seems to be on LG TV apps.
If I change the Digital Sound Output to "Auto" instead of "Passthrough" the issue is gone but sound quality is not as good as with Passthrough selected. So I do not want this to be my option.
I would appreciate if someone could come with a solution on this.
By Miroslav Tuhársky
Hello, I have LG OLED CX and recently the Youtube app has incorrect geographic data- CH. I am from Slovakia, the TV has never been to Switzerland. Nor physically, nor virtually (VPN). I am getting CH ads, which I dont mind so much, but I am afraid of possible in app geo restrictions.
I already tried everything, even resetting the TV to default. No other TV app is affected.
Anybody please advise.
Since some months youtube has stopped working properly, it stops playing videos after some clips and became unresponsive showing blanked videos windows.
I have the latest tv firmware: 4.06.25
and latest youtube version app available for webos 2.0: v.1.1.26 12/01/2022
I tried everything:
Changing language and country
Resetting tv by unpluging power for some minutes
Uninstall and reinstall youtube
Connecting to internet wifi from phone hotspot instead of house wifi
I sent many feedbacks throught youtube app but still no fix until today..
I moments ago was watching the linked youtube.
Highest resolution on my desktop 1080p
Highest resolution offered on my LG CX (whether wired or wireless) 360p.
Desktop and LG tv are about 8' apart. Using same wifi/router (connected to 1gig/1gig fiber). LG tv fully updated.
Any idea why LG youtube app is so terrible?
Thanks for any advice.