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By News Reporter
Company Pushes Boundaries With Innovative Business Models
While Balancing Core Operations and Future Growth to Create New Opportunities
SEOUL, April 25, 2024 — LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter.
Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand recovery, LG achieved its highest-ever total revenue for a first quarter. This milestone underscores the effectiveness of implementing sustainable business models like subscription services and leveraging growth opportunities in the promising B2B sector. LG’s emphasis on differentiating features such as AI, energy efficiency and customer-centric design has strengthened its competitiveness in the premium market. Furthermore, the strategic approach of offering diverse product lineups and flexible pricing structures enabled the company to successfully navigate polarized demand trends.
Operating profit surpassed KRW 1 trillion for the fifth consecutive year, showcasing LG’s strong performance in the face of intensifying market competition. The company’s focus on content/service businesses and direct-to-consumer sales via the Online Brand Shop (OBS) has fueled qualitative growth. Efforts to stabilize raw material and logistics costs, coupled with production location flexibility, have further bolstered profitability.
The LG Home Appliance & Air Solution Company generated first-quarter revenue of KRW 8.6 trillion and an operating profit of KRW 940.3 billion. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first-quarter performance. Operating profits reached the second-highest level in the company’s history, with an operating profit margin of 10.9 percent, underscoring the company’s exceptional global competitiveness.
Driven by its core technologies, particularly in motors and compressors, LG’s home appliance business continues to innovate within a mature market landscape. With a commitment to industry leadership, LG is pioneering transformative initiatives such as product subscription services and advancing the concept of ‘Affectionate Intelligence’ appliances. These innovations are tailored to empathize with and address customer needs effectively. Moreover, LG is strategically expanding its B2B ventures, including HVAC and built-in solutions, to capitalize on emerging growth opportunities.
The LG Vehicle component Solutions Company reported first-quarter revenue of KRW 2.66 trillion and an operating profit of KRW 52 billion, reflecting an 11.5 percent year-on-year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily. Despite ongoing investments in overseas production sites to fulfill new orders and meet OEM demands, the company has maintained stable profitability, benefiting from economies of scale resulting from revenue expansion.
While there are expectations of a slight slowdown in the recent growth of EV demand, the demand for high-value-added EV components continues to rise steadily. LG is proactively addressing these market dynamics by developing a balanced portfolio, spanning from in-vehicle infotainment to powertrains and headlamps. The company aims to ensure sustained revenue growth and a stable profit base by actively adapting to these market shifts.
The LG Home Entertainment Company reported first-quarter revenue of KRW 3.49 trillion and an operating profit of KRW 132.2 billion. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in TV demand in Europe and the successful launch of new 2024 models. The positive operating profit was fueled by the robust performance of the webOS content/service business, alongside traditional product sales. Despite challenges such as rising LCD panel prices, the company effectively managed profitability.
Looking ahead, a gradual recovery in the TV market demand is anticipated in the second half of the year. LG’s strategy focuses on leveraging its globally leading OLED TV and premium LCD QNED TV offerings while continuously enhancing the profitability of the webOS platform business, which is poised for rapid growth.
The LG Business Solutions Company reported first-quarter revenue of KRW 1.57 trillion, marking a 6.5 percent increase year-over-year, and an operating profit of KRW 12.8 billion. The launch of new LG gram laptops, featuring on-device AI and timed for graduation and enrollment seasons, garnered positive market feedback. In addition, sales of commercial display products, including electronic whiteboards and LED signage, experienced growth. While operating profit returned to positive territory from the previous quarter, there was a slight decrease compared to the same period last year, attributed to factors such as rising component prices and intensified competition.
This year, the overall IT market is expected to maintain similar demand levels to the previous year, with a slight growth anticipated in the commercial display segment. There is an expected increase in demand for high-spec IT products like gaming monitors and LED signage. LG aims to lead the market with strategic IT products tailored to customer needs, integrating gaming-specific features and OLED displays, alongside premium LED products. Efforts to proactively develop promising new businesses such as robotics and EV charging continue to drive future growth prospects.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on April 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
With the Addition of a 5MP Diagnostic Monitor, Company’s Comprehensive Range of
Medical Monitors Now Boasts 13 Different Types of Display
SEOUL, Apr. 12, 2024 — LG Electronics (LG) is accelerating its B2B medical device business, leveraging a full lineup of diagnostic monitors including the new 21HQ613D which was recently cleared by FDA for sale in the United States. Designed specifically for digital mammography and breast tomosynthesis, the 21HQ613D is a 21.3-inch 5-megapixel (MP) IPS diagnostic monitor that delivers high-definition radiological images and maintains consistent image quality through its internal front calibration sensor and calibration software.
The 21HQ613D offers exceptional definition and brightness, its LG IPS display providing a resolution of 2,048 x 2,560, a luminance of 1100cd/m² and a contrast ratio of 1800:1. Suitable for reviewing various types of medical images, including breast MRIs, CT scans and ultrasound, the diagnostic monitor features an internal front sensor that removes the need for an external calibration device. With LG Calibration Studio Medical software, users can conveniently conduct DICOM calibration and quality assurance tests that comply with international quality control standards for medical monitors.
The 21HQ613D also incorporates helpful features to assist users in the close examination of medical images, such as Focus View Mode and Pathology Mode. Controllable with either a mouse or keyboard, Focus View Mode lets users focus in on a specific part of an image, dimming the rest of the screen in order to highlight the selected area. Pathology Mode provides image clarity and accuracy as if looking into a microscope. Additionally, Multi-Resolution Mode (5, 3 and 2MP) makes it possible to quickly adjust screen resolution to suit the type of image being viewed.
For a more productive and organized workspace, this diagnostic monitor supports daisy-chaining via DisplayPort connection. An easy and efficient way of linking monitors, daisy-chaining helps reduce desk clutter and simplify cable management. LG’s new diagnostic monitor also offers a comfortable user experience thanks to an ergonomic stand with adjustable tilt, height, swivel and bi-directional pivoting functionality.
The diagnostic monitor’s five hotkeys improve user convenience by providing a quick and simple way to adjust settings or switch between modes. Meanwhile, the Presence Sensor helps to conserve energy, automatically shutting off the display if no motion has been detected for five minutes. The Down Light and Wall Light features enable users to read documents when the room is dim or completely dark, the former illuminating the desk or table surface below the monitor and the latter casting light on the area behind it. For a better viewing experience, the Auto Luminance Sensor automatically adjusts screen brightness according to ambient conditions.
With the 21HQ613D, LG is targeting rapidly growing global demand for mammography monitors. According to an industry analysis report by Persistence Market Research, the global mammography market is projected to reach a valuation of USD 6.9 billion by 2023, with a CACR of 11.6% from 2023 to 2033.*
LG’s expanded lineup of diagnostic monitors covers the major display needs of large hospitals. Along with the new 5MP model, the company provides 3MP monitor – primarily used for reading radiological images – and 8MP and 12MP products equipped with PBP (Picture-by-picture) mode, which allows simultaneous review of multiple diagnostic images. In total, LG now offers 13 types of medical monitors, including 5 diagnostic monitors, 5 surgical monitors and 3 monitors for clinical use.
LG is committed to delivering advanced monitor solutions for the modern healthcare environment. In 2023, LG secured a significant contract with Centrale d’Achat de l’Informatique Hospitalière (CAIH), France’s hospital IT purchasing center, to provide a total of eight types of medical monitors. The contract, valued at EUR 10 million (approximately KRW 15 billion) over four years, represents the company’s largest agreement since entering the medical imaging device business in 2016.
“Designed for reviewing mammograms and breast tomosynthesis, LG’s new diagnostic monitor is a high-quality medical imaging display offering easy management and useful functionality,” said YS Lee, vice president and head of the IT business unit of LG Business Solutions Company. “We will continue to provide the medical sector with cutting-edge solutions leveraging our innovative display technologies.”
For more information about LG’s diagnostic monitors, visit
link hidden, please login to view. Key Specifications:
LG Diagnostic Monitor (21HQ613D)
Display Panel Type IPS Size 21.3-inch Aspect Ratio 4:5 Resolution 5MP (2,048 x 2,560) Color Gamut (Typ.) NTSC (CIE1 931) 72% Brightness (Typ.) 1100cd/m² Contrast Ratio (Typ.) 1800:1 Response Time (Gray-To-Gray)
5ms (GtG) Feature DICOM Compliant Yes Hardware Calibration Yes Display Mode Multi-Resolution Mode (5/3/2MP), Focus View Mode, Pathology Mode Video Signals Input Terminals DisplayPort x2, DVI-D (Dual Link) x1 User
Convenience Dual Controller Yes Lighting Yes (Down / Wall) Hot Key Yes (5 keys) Presence Sensor Yes Physical Specifications
Adjustable Stand Pivot (Bi-Directional) / Swivel: ±15° / Tilt.: -5°~20° / Height Range: 110mm
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By Puja aingh
Respected LG TEAM
KINDLY SHORT OUT MY LG WEBOS LED TV MODEL NO IS 33LK628BPTF MY ISSUE IS EVERY TIME RESTART MY TV BECAUSE I OPEN ANY APP AND WATCH ANYTHING SUDDENLY RESTART MY TV AND SHOW FREE UP YOUR STORAGE AND RESTART YOUR SYSTEM HOW CAN I FREE UP MY SPACE PLEASE SOLVE MY PROBLEM -
By David Daul
My magic remote and my Roku remote stopped working for turning off power so I performed a factory reset after troubleshooting to get the remote working. I am now stuck at the 1st screen of the Factory Reset which says "Press the OK Button(wheel) on your remote." Well... this really stinks because the remote doesn't work!!! I have tried a USB mouse, a new magic remote, other LG Remotes with no luck. I have also tried using the button on the bottom of the tv. And, I contacted support which was just an exercise in redoing everything I had already tried... No Luck!!
This is a Nano Cell 55NANO81ANA which is basically just a big brick now since I cannot even use any of the inputs. Does anyone have a trick for getting past this initial screen???
Thanks for the help.
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By News Reporter
Joining Forces to Pave the Way in Next-Generation Extended Reality Experiences
SEOUL, Feb. 28, 2024 — LG Electronics (LG) is ramping up its strategic collaboration with the global tech powerhouse, Meta Platforms, Inc. (Meta), aiming to expedite its extended reality (XR) ventures. The aim is to combine the strengths of both companies across products, content, services and platforms to drive innovation in customer experiences within the burgeoning virtual space.
Forging an XR Collaboration With Meta
On February 28, LG’s top management, including CEO William Cho and Park Hyoung-sei, president of the Home Entertainment Company, met with Meta Founder and CEO Mark Zuckerberg at LG Twin Towers in Yeouido, Seoul. This meeting coincided with Zuckerberg’s tour of Asia. The two-hour session saw discussions on business strategies and considerations for next-gen XR device development. CEO Cho, while experiencing the Meta Quest 3 headset and Ray-Ban Meta smart glasses, expressed a keen interest in Meta’s advanced technology demonstrations, notably focusing on Meta’s large language models and its potential for on-device AI integration.
Paving the Way in Next-Gen Extended Reality Experiences
LG envisions that by bringing together Meta’s platform with its own content/service capabilities from its TV business, a distinctive ecosystem can be forged in the XR domain, which is one of the company’s new business areas. Moreover, the fusion of Meta’s diverse core technological elements with LG’s cutting-edge product and quality capabilities promises significant synergies in next-gen XR device development.
XR devices are heralded as next-generation personal devices capable of surpassing mobile screens’ limitations in immersion and intuitiveness. Wearable devices offer the potential to substantially broaden customer interactions. CEO Cho previously remarked, “We see opportunities for next-gen personal devices in the XR business arena.”
Continued Portfolio Enhancement Through Selection and Concentration
Over recent years, LG has strategically concentrated resources on promising future areas with anticipated high growth, opting to minimize marginal businesses based on market dynamics and strategic assessments. The collaboration with Meta aligns with this strategy, aimed at spearheading innovations in customer experiences within the future virtual space, anticipating the full-fledged development of the XR market.
Last year, LG unveiled its Future Vision 2030, outlining its long-term goal of evolving into a Smart Life Solution Company that can seamlessly connect and expand customer experiences across various domains, including home, commercial, mobility and virtual spaces. As part of an organizational reshuffle at year-end, a dedicated XR business unit was established within the Home Entertainment Company to accelerate the pursuit of new ventures in the virtual space arena.
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