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By News Reporter
Company Sets New Records for Second Quarter Revenue and Operating Profit
Through Balanced Qualitative Growth in Core and Future Businesses
SEOUL, July 25, 2024 — LG Electronics Inc. (LG) today announced second-quarter 2024 consolidated revenue of KRW 21.69 trillion and operating profit of KRW 1.20 trillion, reflecting an 8.5 percent year-over-year increase in revenue and a 61.2 percent surge in operating profit. These figures mark new records for the highest second-quarter revenue and operating profit in the company’s history.
Key drivers of this performance include the home appliance and vehicle component sectors, both achieving their highest quarterly revenues to date. Sales from LG’s Home Appliance & Air Solution Company and Vehicle component Solutions Company combined reached KRW 11.53 trillion, up 8.2 percent from the previous year. Both Companies also reported record-high second-quarter operating profits, totaling KRW 776.1 billion, which represents a 45 percent year-over-year increase.
These results highlight LG’s balanced growth across its core and future businesses. This growth demonstrates not only external expansion but also solid profitability, contributing to qualitative improvements in overall performance.
LG continues to transform its business portfolio towards a future-oriented approach, maximizing the potential of existing businesses while securing new growth opportunities. The company is also focused on rapidly advancing high-growth potential new businesses.
The fast growth in LG’s B2B sector significantly contributes to establishing a future-oriented business structure. Despite a temporary slowdown in EV demand, the vehicle component business continues to grow, supported by a diversified client base of electric and internal combustion vehicles and a strong order backlog. Additionally, LG’s heating, ventilation and air-conditioning (HVAC) business, which includes high-efficiency chillers, is exploring growth opportunities within the AI infrastructure sector.
In the B2C domain, LG is accelerating the integration of new business models that combine traditional hardware sales with intangible, non-hardware offerings such as content, services and subscriptions. The webOS content and services business is expanding beyond TVs into IT and infotainment, with projected revenues set to surpass KRW 1 trillion this year.
Additionally, the subscription business, which merges products with services, is gaining remarkable momentum. After achieving success in Korea, LG is now expanding this subscription model internationally. Last year, subscription revenue exceeded KRW 1 trillion, with growth accelerating this year. In June, 36.2 percent of major home appliances sold at LG Brand Shops in Korea were subscription-based. This model, particularly popular among young Korean customers, is now being introduced to global markets. For example, LG has launched LG Rent-Up in Malaysia, offering subscriptions for nine products, including washing machines, dryers and refrigerators.
LG is also expediting the advancement of new businesses. The smart factory business, which combines the company’s manufacturing expertise with AI, is expected to secure orders worth KRW 300 billion this year, expanding its customer base in industries such as semiconductors and biotechnology. Furthermore, LG’s partnership with ChargePoint, North America’s leading EV charging company, is set to boost the EV charging business by combining ChargePoint’s chargers with LG’s commercial display advertising solutions, ‘LG DOOH Ads,’ creating new market opportunities.
The LG Home Appliance & Air Solution Company generated second-quarter revenue of KRW 8.84 trillion and an operating profit of KRW 694.4 billion. Compared to the same period last year, revenue increased by 11 percent and operating profit by 16 percent, marking the highest revenue for a single quarter and the strongest second-quarter operating profit to date.
In the second quarter, LG’s volume zone strategy – designed to address polarized market demand – proved effective by diversifying its product lineup and pricing to meet growing needs in emerging markets such as Latin America, the Middle East and Africa. Contributions from new business areas, including subscriptions and Online Brand Shop sales, bolstered the strong performance. Looking ahead to the third quarter, LG intends to remain agile in adapting to market shifts and to continue expanding its B2B sectors, particularly HVAC and built-in appliances. The recent acquisition of smart home platform company Athom is expected to create synergies within the home appliance sector. Additionally, LG will leverage its top-tier global manufacturing capabilities to secure robust profitability.
The LG Vehicle component Solutions Company achieved second-quarter revenue of KRW 2.69 trillion and an operating profit of KRW 81.7 billion. Revenue increased by 1 percent year-over-year, and the operating profit turned positive. This quarter’s revenue was the highest for any quarter, and the operating profit was the strongest for a second quarter.
Despite a temporary slowdown in the EV market during this period, LG saw growth by effectively addressing increased demand for premium in-vehicle infotainment products and plans to continue expanding its vehicle components business. This strategy includes increasing sales of premium new products as well as safety and convenience solutions, such as Advanced Driver Assistance Systems, in line with existing order programs.
The LG Home Entertainment Company posted second-quarter revenue of KRW 3.62 trillion and an operating profit of KRW 97 billion. Revenue increased by 15.3 percent compared to the same period last year, driven by a recovery in demand in Europe, a key market for premium OLED TVs. Growth also continued in the webOS content and service business. However, operating profit declined due to increased costs, including rising LCD panel prices.
Overall TV market demand is expected to show modest growth in the third quarter compared to last year, with premium OLED TVs anticipated to outperform the broader market. LG will aim to maintain operational efficiency by minimizing cost burdens, such as rising LCD panel prices, through increased sales of OLED TVs.
The LG Business Solutions Company reported second-quarter revenue of KRW 1.46 trillion and an operating loss of KRW 5.9 billion. Revenue increased by 9.9 percent year-over-year, driven by expanded sales of strategic products such as LED signage, electronic whiteboards and gaming monitors. However, profitability was impacted by cost increases, including LCD panel prices, and ongoing investments in growth areas like EV charging and robotics.
In the third quarter, market growth for premium products such as commercial displays and gaming monitors is expected to continue. The Company will focus on expanding sales of strategic products and improving profitability through efficient resource management.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 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
Company Sets New Records for Second Quarter Revenue and Operating Profit
Through Balanced Qualitative Growth in Core and Future Businesses
SEOUL, July 5, 2024 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second-quarter of 2024, reporting a consolidated revenue of KRW 21.7 trillion and operating profit of KRW 1.19 trillion.
Both revenue and operating profit exceeded market expectations, setting new records for the second quarter. Operating profit surged by 61.2 percent year-over-year, surpassing KRW 1 trillion for the first time in a second quarter. Revenue increased by 8.5 percent year-over-year.
For the first half of 2024, revenue rose by 5.9 percent and operating profit by 13 percent compared to the same period last year. LG’s first-half revenue exceeded KRW 40 trillion for the third consecutive year, and first-half operating profit surpassed KRW 2 trillion for the fourth consecutive year.
During the second quarter, LG maintained balanced qualitative growth across core businesses and future growth sectors.
The home appliance and air solution business continues to outpace industry growth. The air solutions segment, in particular, contributed significantly to the strong second-quarter performance, driven by seasonal demand.
The vehicle component solutions business is increasing its focus on premium product sales while proactively preparing for future technology advancements, including the shift to software-defined vehicles, exemplified by the introduction of LG AlphaWare.
In the home entertainment sector, premium OLED TV sales in advanced markets are gradually rebounding, despite challenges from rising LCD panel prices. Moreover, substantial sports momentum in Europe is anticipated to create more opportunities.
The business solutions sector is targeting the market with premium IT products, including the AI-on-device laptop LG gram and the world’s first variable resolution and refresh rate gaming monitor. The sector is also applying AI to commercial displays and penetrating the edutech market with customized products like electronic whiteboards. Efforts are ongoing to energize new businesses, such as robotics and electric vehicle charging.
This strong performance can be significantly attributed to LG’s strategic transformation towards a future-oriented business model. This shift has maximized the potential of existing operations and facilitated reinvestments aimed at discovering new growth engines.
The B2B business is continuing to drive this business transformation with steady growth. With AI emerging as a critical inflection point in the industry, the heating, ventilation and air conditioning (HVAC) business, particularly in chillers, is unlocking new growth opportunities in AI infrastructure, signaling a positive future outlook.
The vehicle components business, another pillar of B2B growth, maintains stable growth thanks to a robust order backlog and a balanced portfolio that includes in-vehicle infotainment, electric vehicle powertrain components, and automotive lamps, despite a temporary slowdown in electric vehicle demand.
In B2C, LG is overcoming market uncertainties and growth limits with new business models like subscription services. The subscription business currently spans 22 products, reducing initial purchase burdens and combining service solutions for continued revenue. New business models such as subscription services leverage LG’s vast product portfolio as platforms to offer content and services globally.
LG is accelerating its shift towards a customer relationship-centered business model. The recent acquisition of smart home platform company Athom marks a push towards personalization and service-oriented approaches in the home appliance business. The home appliance business is also focusing on space solution-centered paradigms and expanding Affectionate Intelligence appliances that cater to customer needs.
Meanwhile, LG Channels, the webOS flagship content service offering over 3,500 free channels in 28 countries, has surpassed 50 million users. LG is also expanding the webOS content and service business beyond TVs to include IT and automotive infotainment.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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By News Reporter
Company’s ‘Optimism your feed’ Playlist
Garners 1.2 Billion Views in Just Three Weeks
SEOUL, June 21, 2024 — LG Electronics (LG) has launched a global social media challenge to amplify its brand promise of ‘Life’s Good’ by encouraging customers worldwide to create and share moments of everyday optimism on their social media feeds. Running across TikTok and Instagram, the challenge encourages participants to foster a more positive environment on their social media feeds by posting optimistic moments and selfies featuring the “ link hidden, please login to view” gesture – a popular symbol among K-pop idols created by forming a mini heart with the index finger and thumb – using the hashtags #Lifesgood and #Optimismyourfeed.
“LG is committed to delivering on its promise of Life’s Good. This social media challenge aims to uncover and share what Life’s Good means to our customers,” said Kim Hyo-eun, vice president and head of LG’s Brand Management Division. “We believe there is real power in approaching life with an optimistic attitude, and our Optimism your feed campaign’s social media challenge is all about embracing the opportunity to inspire more positive activities in the virtual and real world.”
The social media challenge is part of LG’s campaign and follows the launch last month of LG’s Optimism your feed playlist – a collection of original content that, when interacted with, will pull more optimistic content into your feed. Created in collaboration with global influencers known for their positive impact, the playlist offers users the opportunity to experience more uplifting and encouraging posts. Within just three weeks of its release on TikTok, YouTube and other social media platforms, the playlist has garnered over 1.2 billion views. It has resonated with viewers worldwide, prompting comments about their eagerness to participate and positively influence their algorithms.
The social media challenge invites users around the world to join influencers including , , , , and in spreading optimism across social media feeds. In just four days, around 21,000 users have already joined the movement to share their optimistic moments.
Meanwhile, LG has also launched an offline campaign event called ‘Optimism your day,’ which will run till early July. Continuing from last year, a truck adorned with the company’s ‘Life’s Good’ brand slogan is scheduled to tour the 11 business sites in Korea. The truck features a large LED display that plays ‘Life’s Good’ campaign videos and showcases positivity slogans shared by LG employees worldwide. LG believes in spreading the campaign’s message of optimism to employees as well as the outside world.
“We are all brand ambassadors of LG,” said CEO William Cho. “If each of us starts brightening our surroundings one step at a time, I believe LG will one day become a company that truly radiates positivity, helping to create better lives and a better world.”
More details about Life’s Good campaign can be found on the campaign page at .
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By News Reporter
With a commitment to creating a better life for all entailing a greener future for everyone, LG is taking all the necessary steps to realizing a healthier planet for future generations. These include designing and executing green initiatives, such as rethinking operational processes and product lifecycles to reduce carbon emissions and waste, as well as developing technologies that promote sustainability and inclusivity.
In line with this overarching mission, LG Indonesia recently launched its ‘Better life for all’ campaigns to inspire the country’s younger generation to adopt sustainable lifestyles. This exciting event focused on promoting a sustainable food culture and raising awareness of food issues in a time when food waste and food insecurity is high in Indonesia.
The country faces an alarming food waste issue, ranking second globally with an annual generation of 20.93 million tons, according to the United Nations Environment Program Food Waste Index Report 2021. This waste results in economic losses ranging from IDR 213 to 551 trillion per year1 and exacerbates food insecurity, with Indonesia ranking 77th out of 125 countries on the 2023 Global Hunger Index.2 LG aspires to fight food waste and insecurity issues by engaging the younger generation, who make up over 50 percent of Indonesia’s population.
The campaign began this March with ‘Better Life Recipe,’ an event in collaboration with renowned chef
link hidden, please login to view. As part of this event, Devina created a recipe designed to minimize food waste. On Instagram and TikTok, she offered her followers a choice between two traditional Korean dishes: a scrumptious bibimbap with taichan sauce and a delicious bulgogi (Korean marinated beef dish). Through a poll, bulgogi emerged as the winning dish, later making another appearance in the campaign. To further raise public awareness and spark conversation, LG ran the ‘Better Life Social Challenge’ – #MaskaPintarLG – encouraging young Indonesians to recreate the zero-food-waste recipe themselves.
Continuing the campaign in April, LG hosted the “Better Life Festival,” an offline program aimed at promoting sustainability by raising public awareness about the adverse effects of food waste.
The two-day festival, held at Chillax Sudirman Jakarta, featured an array of activities, such as green workshops and expert panel discussions, designed to engage and educate attendees. The festival was a resounding success, attracting over 2,000 participants and igniting a passion among Indonesia’s youth for a new era of eco-conscious living. The event was organized into several interactive zones, including ‘Jane’s Boutique,’ ‘Jack’s Open Kitchen’ and ‘CRAFT SHOP,’ each with a unique focus.
‘Jane’s Boutique’ featured the LG Styler, a product that introduced visitors to the benefits of steam-refreshing garments, as well as the LG WashTower. Participants could engage in a quiz on clothing care and sustainable practices, and even create durable bags from recycled banner materials, underscoring LG’s commitment to environmental responsibility. Visitors could also learned about LG’s air purifiers, including the LG PuriCare AeroTower and AeroFurniture – products with components created from recycled plastics.
Next, ‘Jack’s Open Kitchen’ featured cooking demonstrations by Chef Devina Hermawan, who creatively used leftover ingredients to prepare delicious dishes and beverages, such as tea made from imperfect apples, aiming to reduce food waste in Indonesian households.
This zone also featured LG’s diverse array of innovative products that help reduce food waste, such as LG InstaView Door-in-Door refrigerator. This refrigerator allows users to check the contents by knocking twice on the panel without opening the door, preventing the escape of cold air. Featuring cutting-edge innovations such as LinearCooling and DoorCooling technologies, the fridge can extend freshness of stored food and contribute to effective food waste reduction.
Moreover, in partnership with the Badan Pangan Nasional (BAPANAS/National Food Agency), FoodCycle Indonesia and Universitas Prasetiya Mulya – a local university that developed a composting solution for food waste – LG facilitated a broad range of activities to promote sustainable living. A booth was set up for visitors to make food donations, supporting BAPANAS’s Save Food movement to decrease national food waste.
And, as the next leg of the campaign, LG Indonesia organized a food donation drive from May 10-12 in the Jakarta and Tangerang areas. The ‘Better Life Food Distribution’ event was operated by 140 LG Indonesia employees and volunteers the company’s partners, including BAPANAS, Universitas Prasetiya Mulya and FoodCycle Indonesia. To further support community welfare and sustainability efforts, LG and its partners donated a total of 1,500 waste-free meal kits and 1,500 bulgogi lunch boxes – made with the zero waste recipe created by Chef Devina Hermawan earlier in the campaign – to local welfare foundations.
Through this on-going campaign, LG Indonesia reaffirmed its commitment to aiding the younger generation adopt a more sustainable lifestyle. The partnership will continue throughout the year with additional interactive activities geared toward Indonesian youth to amplify LG’s mission of providing a ‘Better life for all’ and promoting sustainable living.
Stay tuned to to discover the myriad of ways LG’s forward-thinking subsidiaries are promoting sustainable practices around the world.
Contributed by LG Indonesia in collaboration with H&A Global Brand Team
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By News Reporter
Augmented/Mixed Reality, webOS, AI and 5G Telematics Technology Combine
to Bring Smart Life Solutions to the in-Vehicle Environment
SEOUL, June 6, 2024 — LG Electronics (LG), a technology leader in the mobility sector, is driving the transition to software-defined vehicles (SDVs) with its pioneering LG AlphaWare. An advanced, innovative, and user-centric suite of software, LG AlphaWare is designed to deliver immersive in-cabin experiences and will expand the definition and expectations of future automotive. LG’s cutting-edge software solutions were introduced this week at AutoTech: Detroit, where the company also shared its insights and approach to revolutionizing the SDV business model.
During LG’s presentation at AutoTech: Detroit, Valentin Janiaut, LG Vehicle component Solutions Company’s software solutions leader, discussed several key topics concerning the transition to SDVs. He emphasized the emerging trend of vehicles becoming extensions of people’s personal space, providing seamless connectivity for work and relaxation, and transforming the car into far more than just a means of transportation. LG AlphaWare will play a central role in enabling SDVs to become ‘living spaces on wheels’ through its ability to facilitate user-experiences similar to those offered by LG’s consumer electronics for the home.
The LG AlphaWare suite of software consists of five sophisticated core solutions that work together to enhance the in-vehicle experience. Boasting comprehensive support and seamless integration with OEM in-vehicle systems, AlphaWare empowers mobility providers to overcome technical challenges and deliver home-like comfort and connectivity to drivers and passengers:
PlayWare – an entertainment platform that enhances the in-vehicle infotainment experience through the delivery of high-definition content and superior sound quality. Leveraging LG’s partnerships with major streaming apps, sports and news channels, PlayWare brings the LG TV experience into the car. The platform requires minimal memory resources to run quickly and smoothly, while displaying content in stunning 4K definition for passengers’ viewing enjoyment. The platform also utilizes AI Audio technology, adapted from LG TVs, to upgrade audio content into convincing spatial sound, making every journey an immersive auditory event. MetaWare – enhances the driving experience by leveraging augmented- and mixed-reality technologies to deliver meaningful information across various displays, from AR HUDs to clusters and central panels. MetaWare supports the procedural generation of realistic 3D environments, transforming standard 2D map data into dynamic, immersive visuals. This feature aids drivers in better understanding their car’s ADAS and navigation system information, providing a more engaging and intuitive driving experience. VisionWare – an AI and Advanced Driver Assistance System (ADAS) platform that analyzes driver and passenger behavior through an advanced monitoring system which employs an AI algorithm, software framework, electronic control unit and camera technologies. VisionWare incorporates driver monitoring systems to prevent distractions and hazards that may occur when driving. It also features an interior monitoring system that analyzes the status of all passengers, detecting seat belt usage, hand gestures, behavior patterns, and the presence of children, to deliver a next-generation user experience. BaseWare – the “backbone” of the vehicle, offers a comprehensive collection of versatile software modules to enrich OEM’s existing vehicle operating systems and assist in building new platforms. Engineered to support the essential lifecycle of a car, BaseWare facilitates reliable real-time management and simplifies service abstraction and development. An example of the components included is a Mixed Critical Orchestrator, which supports the management of service execution both on-device and in the cloud while adhering to strict industry safety requirements. OpsWare – the central operations platform, designed to enhance collaboration among software developers. This platform facilitates seamless interaction across global teams throughout the entire software development process, from design to deployment. Alongside fostering collaboration, OpsWare prioritizes robust cybersecurity management, providing comprehensive support for long-term maintenance. LG’s Cybersecurity-as-a-Service offers continuous monitoring and in-depth analysis of cybersecurity risks to ensure vehicles’ software remains secure against emerging threats. Through its diverse capabilities, OpsWare supports OEMs in maintaining high security and in improving the efficiency of their software lifecycle management. LG AlphaWare reinforces LG’s portfolio of state-of-the-art vehicle solutions and supports the company’s continuing transformation into a Smart Life Solutions company. A well-established and leading home appliance brand, LG continues its expansion in the mobility sector to connect and enrich customers’ experiences and spaces in meaningful ways.
“With our AlphaWare, we will deliver a safer and more enjoyable vehicle experience in the SDV era,” said Eun Seok-hyun, president of LG Vehicle component Solutions Company. “SDVs represent a shift not only in technology but in the entire ecosystem of vehicle manufacturing, usage and ownership. With the introduction of our advanced software suite for vehicles, LG is leading the way for new innovation and development across the automotive sector.”
For more information on LG’s vehicle solutions and LG AlphaWare, visit
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