By News Reporter
Highest Quarterly Sales Ever As Mobile Division Officially Winds Down
SEOUL, July 29, 2021 — LG Electronics Inc. (LG) announced its highest quarterly revenues ever as the company continued to expand its market share for premium home appliances and consumer electronics outside of South Korea. Worldwide consolidated revenues of KRW 17.11 trillion (USD 15.26 billion) rose 48.4 percent from the second quarter a year ago. Second-quarter 2021 operating profit increased 65.5 percent from last year to KRW 1.11 trillion (USD 992.08 million). Results for the LG Mobile Communications Company, which officially winds down at the end of July, are considered discontinued operations and are no longer included in quarterly earnings reports.
The LG Home Appliance & Air Solution Company reported revenues in the second-quarter of KRW 6.81 trillion (USD 6.08 billion), a healthy increase of 32.1 percent from the second quarter a year ago. Operating profit grew 6.8 percent from last year’s second quarter to KRW 653.60 billion (USD 582.75 million), mainly driven by stronger sales in markets outside of South Korea and improved resource management, although costs are expected to increase as raw materials become scarcer while the pandemic-impacted world begins to return to normal. Product competitiveness and operational efficiencies are expected to help LG maintain sales and profit momentum for major appliances in key markets.
The LG Home Entertainment Company grew its revenues to KRW 4.04 trillion (USD 3.60 billion) in the second quarter, a substantial 79.1 percent increase compared to the same period last year. Operating profit soared to KRW 333.50 billion (USD 297.35 million), an increase of 216.4 percent year-on-year thanks to the growing popularity of premium OLED TV products and the recovery of the global TV market, which was negatively affected last year due to retail store shutdowns. With the price of TV panels continuing to rise, LG’s Home Entertainment strategy will center on growing the premium TV segment and nimble inventory management.
The LG Vehicle component Solutions Company achieved second-quarter sales of KRW 1.88 trillion (USD 1.68 billion), a significant increase of 106.5 percent from the same period of 2020 as a result of the recovering automotive sector and increase in demand for electric vehicle (xEV) parts. The company experienced an operating loss of KRW 103.20 billion (USD 92.01 million) as the price of automotive semiconductors increased dramatically during the quarter. Leveraging its expertise in advanced electric vehicle components, LG’s previously announced joint venture with Magna International, a new company called LG Magna e-Powertrain, was officially launched this week.
The LG Business Solutions Company recorded second-quarter revenues of KRW 1.69 trillion (USD 1.50 billion), a solid increase of 28.9 percent from a year ago largely driven by continued strong demand for PCs, monitors and gradual recovery of digital signage and hotel TVs. However, operating profit declined to KRW 61.70 billion (USD 55.01 million) because of higher price of key components such as LCD panels and solar wafers. Second-half plans for profitable growth hinge on continued B2B market recovery, coupled with stabilizing supply of major components and actively reducing costs.
2021 2Q Exchange Rates Explained
LG Electronics’ unaudited quarterly earnings results are based on IFRS (International Financial Reporting Standards) for the three-month period ending June 30, 2021. Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate of the three-month period of the corresponding quarter — KRW 1,121.58 per USD.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 29, 2021 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN, 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 before the call.
# # #
link hidden, please login to view
By News Reporter
The last year and a half have been the ultimate test of resilience for everyone and HR at LG has been at the forefront of managing these difficult times. Throughout the pandemic, the HR team navigated new ways for employees and management to work as the company has been forced to rethink and adapt to the new environment.
Here at LG, the health and safety of our employees are our highest priorities. In this regard, we have always led by example such as the time we made the difficult decision to be the first multinational company to , the largest trade show in the industry, at the start of the pandemic as we felt it was the only way of ensuring the safety of our employees, customers and partners.
Since early last year, LG’s HR teams across the globe have been reinforcing business and organization sustainability as well as continuous internal communication and transparency at all levels. It is this close alignment in direction that has allowed HR to act swiftly and provide invaluable support across the organization and to our valued employees since the very beginning.
To provide the best working environment possible, aligning LG’s HR leaders around the world immediately proved vital, with constantly open and transparent communication making this all possible. To guarantee that our global HR teams were on the same page, we created specific communication channels to deliver video presentations on the direction of our global HR strategy as well as employing more frequent virtual face-to-face discussions with HR leaders from around the globe.
As well as taking care of employees’ physical health, LG made an equal effort to support their psychological and mental health. In India, one of the countries hit particularly hard, we went above and beyond to support the physical and mental health of our staff. First step was to implement a Happy Calling system which involved our HR staff calling each employee every four to five days to check on their well-being and ensure that they and their families are safe and well looked after. This system allowed us to help employees from the privacy of their homes by accepting all questions and requests confidentially.
For global employees working from home, we wanted them to stay connected and collaborate as a team. To foster this, we hosted various online group activities including remote yoga classes, virtual lunches, happy hours and online cooking lessons for the whole family. We implemented various new programs because of our firm belief in the importance of human connections among employees. We have faith that these activities help our employees take on one of the most difficult times in modern history.
Our health and well-being initiatives are not entirely new as we have been carrying out such activities for some time. These activities were already in place to cultivate growth among employees all around the world, regardless of their location. As a purpose- and principle-oriented company, LG’s people management philosophy pursues personal and professional growth in every single aspect, including health and well-being.
As the global head of HR at LG, my focus has always been on supporting LG Electronics and its talented workers and preparing them for the future by transforming the way we work together, nurturing the talent and capabilities of our people so that we may succeed and grow together in a fast, innovative and highly competitive market.
The pandemic showed us the importance of this goal in all its clarity.
By Carlos Olave, LG Global HR Leader
# # #
link hidden, please login to view
TV model OLED65B6P purchased in mid-2017.
TV software version: 05.60.06
Web OS: 3.4.0-5706 (dreadlocks-digya)
This is supposed to be a smart TV, it’s only 4 years old and already it can’t take advantage of recent/new features in applications such as Hulu Live TV and cloud DVR. As a result we can either settle for the older basic Hulu app which doesn’t support Hulu live TV or Hulu cloud DVR, features added by Hulu a year ago when the TV was only 3 years old. The work around is viewing through a separate appliance attached to the TV (like Roku or Fire TV Stick) or broadcasting to the TV from a smart phone or other mobile device, both which add another link in the chain connecting the signal source to the TV, and which introduce audio lagging video.
Why isn’t LG supporting a very expensive “smart” TV that is less than 4 years old by updating the Web OS?
We also own another LG TV, model 32LJ550B-UA, which supports the latest Hulu app with Live TV and cloud DVR. That set was purchased in 2018. Why can’t the same software version and integrated Web OS be applied to our primary viewing TV above? This second set shows:
TV software version: 06.00.04
Web OS: 3.9.0-63004 (dreadlocks2-dudhwa)
Summer Day is coming!! Currently DRmare Software is holding a party to give free gift to all users. Just join and get a free and cool summer gift there. By the way, you can get larger discount in DRmare to buy the tool you want. For more details, please visit:
link hidden, please login to view
I registered this account literally because I am frustrated with you LG. I need you to change because I'm tired of buying other devices to replace features you have promised and not delivered.
I really want to use your OS and apps on my TV but you make it too hard. The user experience for navigation and writing is terrible. This has to improve or I won't use it. I will not spend my time on this when it's much easier on other systems, but I want to use your system. Please help me and your other customers.
On any device, it should be very easy to type
* a password to connect the TV to a wireless network
* search terms when browsing apps on the app store and in other search engines on the device
To be clear, I really tried to figure this out on my own before coming here but found it too difficult to give them another chance. I used the onscreen keyboard and ThingQ app.
The first problem is extreme. Absolutely extreme. Using the onboard keyboard to write in the wifi password is a nightmare. I have secure passwords that are long and which combine upper and lower case characters and special characters. I will NOT lower my security in order to make it easier to use your keyboard. The problem is on your end so you fix this.
There's something in this for you too, LG: Letting us connect by WiFi is undoubtedly going to be the most preferred option for most users, regardless of how technical they are, and it is definitely the biggest barrier to your app store having any chance of success. You won't get users if people can't connect and download apps.
Right now my options are
* suffer through this user experience of using the onscreen keyboard
* making my wifi password less secure
* using the Apple TV instead
I'm going for the Apple TV instead, and I bet your customers are doing the same. It's time to look into why they do this.
The second problem is also really serious. Typing in any search word using the onscreen password is in fact also too painful. Using the ThinQ app with the cursor did not make things easier. I honestly don't know why you chose to put a cursor in this app instead of letting me navigate with buttons like on a TV remote controller but it's unpleasant. Very unpleasant. I don't think of my TV as a computer and neither should you. The cursor is an unwanted and poor choice for navigation on a TV screen. Stick to navigation keys: up, down, left, right. User test it and see for yourself. People will NOT prefer the cursor over navigation keys.
Again, this also impacts usage of your other services, so if you want people to use them you need to make this easier. Please.
Here's how you stack up right now to the competition. My alternative device right now is an Apple TV and it makes this much easier. I reckon a Roku and Chromecast do similar magic, at least I recall Chromecast being wonderful on an older Android 4 device I had years ago.
When setting up the Apple TV I can choose to connect to it with my smartphone immediately using their apps. I don't know if it's on bluetooth or something else but it's not wifi and it works well. Once connected I can use my keyboard on the smartphone to write input for the TV and connect it to my WiFi and search within apps for my favourite TV shows, movies and the list goes on.
This makes it much easier to search and of course to paste in passwords from my phone to the TV.
In my case I have a password bank called Bitwarden. Other users probably have at least the built-in password managers from Apple and Google.
You want me to be able to do the same on your LG TV but the aforementioned reasons are why that's never going to happen. Never. Until you change this I will not give your OS another chance.
Here's my recommendation:
Similar to Apple you should have an app for setting up the TV that connects over bluetooth. WiFi is not an option. Remember that we want to use our phones to type in the WiFi password since it is easier and it will let us copy paste in passwords from our phones.
What options are there for this? I bet bluetooth is an option amongst others. Please figure this out.
My biggest hope is that you will actually do some user research: Make prototypes and test them with real people. Ask them to try to use your apps and listen to their feedback. Ask them if they can connect to WiFi, why not if they can't, and listen to what they say.
User research is cheap and it works. Please do it.