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By News Reporter
Have you ever wondered how many LG OLED TVs are shipped every year? 100 thousand units perhaps, maybe as much as a million? In the first half of 2023, LG recorded over 1.33 million shipments of its stunning OLED TVs, setting new benchmarks and records its competitors can only dream of.
According to market research firm
link hidden, please login to view, LG captured over 55 percent of the global OLED TV market in the first six months based on total shipments. As a renowned OLED TV leader now celebrating 10 years of innovation in this space, LG has once again defended its premium TV crown while further cementing LG OLED TV’s status as the pinnacle of premium TVs.
The “bigger the better” trend continues to prevail in the TV market, which is great news for LG. As more and more people desire larger TVs for their living spaces, models of 75 inches or larger accounted for a remarkable 11.4 percent share of total OLED TVs sold, while shipments’ yearly average growth rate topped 90 percent over the past five years. Staying on top of this growing trend, LG is resuming its dominance in the market with an outstanding 64.2 percent share in total shipments of OLED TVs over 75 inches.
LG is targeting this new demand for large and premium TVs in the second half of 2023 with the groundbreaking TV (model 97M3) it unveiled in July, which boasts the world’s first 4K 120Hz wireless solution that makes it easy for customers to achieve their dream interior.
Not one to be confined, LG unleashed a tidal wave of 10 million TV units (OLED and LCD) on the world, which has helped the company carve out a 16.2 percent share of revenue for itself in the global TV market.
Despite facing a downturn in the global TV market, LG persisted in strengthening its inventory management and securing higher profits while actively pursuing a strategic approach for its premium and ultra-large displays. And this commitment has paid off substantially, with its LG OLED TVs now accounting for around 30 percent of the company’s overall revenue generated from TV sets.
TV shipments totaled over 92 million units in the first half of 2023, matching last year’s first half performance. The OLED TV segment, which has been led by LG for a number of years, has already passed the 2 million shipments mark this year, which bodes well for the rest of 2023.
OLED TVs are continuing their takeover of the global TV market after capturing 9.3 percent of all revenue in the first half. Meanwhile, Omdia predicts that OLED TVs are set to shine even brighter, projecting at least a 43 percent revenue share among premium TVs priced above USD 1,500.
Find all the latest news on the home entertainment business and learn more about its world-leading innovations on the LG Newsroom.
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By News Reporter
About 500 Participants Come Together for Preliminary Rounds
Ahead of Finals in Abu Dhabi
SEOUL, July 31, 2023 — LG Electronics (LG) hosted the two-day online preliminary round of the 2023 Global IT Challenge for Youth with Disabilities (GITC) with the Ministry of Health and Welfare of South Korea and Rehabilitation International Korea on July 25.
LG Corporation, in conjunction with South Korea’s Ministry of Health and Welfare, has been leading the GITC since 2011. The program was established to strengthen the ICT capabilities of young people with disabilities while establishing a strong foundation that promotes their social inclusion. Run by LG Electronics and the GITC Organizing Committee, the competition has attracted a total of around 4,500 youth with disabilities from 38 countries who have benefited from the program so far.
This year, about 500 youth with disabilities selected through local preliminary rounds across 17 countries have competed in 6 competitions to earn their place in the finals, which will be held in Abu Dhabi, UAE, in October 2023. Certificates and prize money will be awarded to outstanding performers in each event and disability category.
The competitions not only evaluate their skills in various computer programs, including Microsoft PowerPoint, Microsoft Excel and internet search engines, but also test their ability to make and edit videos, use programs for self-driving car programing, and develop IT that improves the lives of persons with disabilities. Teams of 4 or fewer could participate in each contest, with this year’s GITC extra special as it is debuting an esports competition with no restrictions in participation by the type or degree of disability.
Participating countries are continuously being added. From this year, countries outside of South Korea, China, Vietnam, Thailand and other Asian countries can compete, as the GITC expands to countries in the Middle East and North Africa.
More and more of the youth with disabilities from the GITC are going on to thrive in society. For example, Chan Outdam Keo and Paramuditaya Dyan, the winners of the Global IT Leader (MVP) award at the 2014 Busan GITC and 2015 Indonesia GITC, respectively, are now making a name for themselves as IT developers in top government agencies.
“The experience I gained from this competition has been invaluable to my development as it completely changed my mindset,” said Keo. “I was able to change my way of thinking and foster my dream of improving the field related to my disability.”
The company is continuing its efforts to realize a Better Life for All by ensuring its products and services are accessible to everyone, regardless of their physical ability. This includes operating a sign language counseling center, providing product manuals with video, sign language, voice support and distributing braille stickers for home appliances. Additionally, the company has been running a disabled advisory group since last year and continues to listen to customers’ greatest inconveniences and address them.
“The Global IT Challenge is all about building a foundation that allows people with disabilities to integrate better into society, with former participants proving that they can have a successful career in the IT field,” said Yoon Dae-sik, senior vice president of External Relations at LG Electronics. “As a global company, we will always strive to support youth with disabilities so that they can pursue their passions and live out their dreams.”
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By News Reporter
Record Revenues, Strong Profitability Provide Solid Foundation for
Pursuing Mid- to Long-term Growth Through Advancement of Business Portfolio
SEOUL, July 27, 2023 — LG Electronics Inc. (LG) today announced second-quarter 2023 consolidated revenue of KRW 20 trillion with operating profit of KRW 741.9 billion.
The company recorded the highest second-quarter revenues in company history. The second-quarter results underscore the success of the company’s strategy to drive continuous growth while strengthening its business competitiveness. The record revenue reflects the company’s actions to fundamentally improve its business structure by pursuing new platform-based service businesses and continuously expanding the business-to-business (B2B) segments. Profitability also was strong, although operating income was 6.3 percent lower than the second quarter last year, primarily due to a one-time second-quarter 2023 provision.
The company plans to drive further profitability improvements by optimizing efficiencies and by preemptively meeting market demands through enhanced demand forecasting and manufacturing competitiveness. LG also plans to continuously strengthen its online brand store and direct-to-consumer businesses.
The LG Home Appliance & Air Solution Company generated second-quarter revenues of KRW 7.99 trillion and an operating profit of KRW 600.1 billion. Despite intensified market conditions, the business unit recorded strong profitability on the back of increased sales of high-demand products such as air conditioners and energy efficient heat pump-enabled products. The operating profit increased by 40 percent from the previous year, reflecting efficient cost structure management. The company will leverage its high-efficiency innovations including heat pumps and ESS as demand for green technologies grows in Europe, North America and around the world. At the same time, the company sees the electrification trend as an opportunity for future growth in the HVAC business. In the third quarter, the company will launch new LG ThinQ UP 2.0 home appliances featuring hyper-personalization, subscriptions and services. Certain mass-tier appliance lineups also will be expanded in response to market changes. The company plans to lead a paradigm shift in the home appliance industry by combining service-based business models with differentiated product competitiveness, while continuing efforts to increase efficiencies in production, purchasing and logistics for stable profitability.
The LG Home Entertainment Company recorded second-quarter revenue of KRW 3.15 trillion and an operating profit of KRW 123.6 billion. As challenging business conditions persist for the worldwide consumer electronics industry, the company continued to focus on improving operational efficiency and improving profitability by growing the content and service businesses based on LG’s webOS smart TV platform. The company intends to transform its TV business portfolio into a “media and entertainment service provider” by expanding content, services and advertising in differentiated products. The business unit also intends to solidify LG’s leadership in the ultra-large-screen TV market with the launch of the 97-inch LG SIGNATURE OLED M, the world’s first “wireless” consumer TV with Zero Connect technology. Also driving the premium TV market are expanded sales of the company’s popular new Lifestyle Screens.
The LG Vehicle component Solutions Company‘s second-quarter revenue was KRW 2.66 trillion, the highest second-quarter revenues in company history. However, an operating profit was KRW 89.8 billion excluding non-recurring expenses such as one-off provision, achieving the highest second-quarter operating profit in terms of business performance. But after the company’s operating profit margin included the one-time provision of KRW 151 billion, related to General Motors’ recall of the Chevy Bolt EV, it resulted an operating loss of KRW 61.2 billion. This provision reflects the increases in material costs that occurred during the recall period.
The business unit will continue its growth momentum by focusing on expanding its high value-added and high-performance business. The company’s order backlog is expected to reach KRW 100 trillion by the end of the year, leading to sequential sales conversion resulting in profitable growth. In particular, in terms of profitability, it is positive that the company is experiencing economies of scale from sales expansion. As steady increase of electric vehicle demand is expected in the future, the company will actively seek new opportunities in future mobility areas, such as autonomous driving, software solutions and content, while securing stable profitability by expanding the portion of high value-added and high-performance products supplied to key automotive customers around the world.
The LG Business Solutions Company saw improved second-quarter revenues of KRW 1.33 trillion with an operating profit of KRW 2.6 billion. Both revenue and operating profit declined slightly from the same period last year due to the persistent softening of demand for IT products. From the third quarter, demand for IT products is expected to show a gradual recovery compared to the first half. In the midst of this, LG plans to actively expand sales of monitors and laptops equipped with gaming features and OLED displays. In the commercial display business, the company will seek opportunities for further growth with customized solutions for various vertical markets, from hospitality and health care to education, retail and corporate.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 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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By Ethancarter
Hi,
I have recently bought a TV Oled C3. When I turned the TV on for the first time, I launched the dashboard "Home Hub" app and this app found out all the connected plugs I have in my house.
I have several TP-link connected plugs in my house, using Kasa.
A few weeks later, I changed the configuration of my plugs by removing some and adding others.
I launched "Home Hub" on my TV but it doesn't detect anything now... I remember (or I think ??) I paired my Kasa account with my LG TV but I can't find any options to unpair and pair again my kasa account.
Kasa is compatible with the C3.
Could you please help me out ?
Thanks
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By News Reporter
Highest Second Quarter Revenue With
Steady Growth Based on Strong Fundamentals
SEOUL, July 7, 2023 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2023.
LG reported revenues of KRW 19.9 trillion in the second quarter of 2023, the highest second-quarter revenue, with operating profit of KRW 892.7 billion, the second highest second-quarter operating profit in the company’s history.
The revenue reflects the company’s actions to fundamentally improve its business structure by continuously expanding the B2B segment, even as profitability was impacted by the challenging global economic conditions and intensifying competition in the market. Operating profit increased by 12.7 percent compared to the same quarter last year, reflecting continuous growth based on the company’s strategy to strengthen business competitiveness.
The LG Home Appliance & Air Solution Company recorded strong profitability on the back of increased sales of high demand products such as air conditioners and energy efficient heat pump-enabled products as well as energy storage systems.
Despite the challenging global economic conditions, the LG Home Entertainment Company is achieving meaningful growth of content and service businesses based on LG’s webOS smart TV platform. At the same time, the company’s Lifestyle Screens are expanding sales and driving the premium TV market.
The LG Vehicle component Solutions Company is continuing the growth momentum supported by high order backlog of auto parts and stable supply chain management. At the same time, the company’s growth was positively impacted by a stable business portfolio made up of the 3 key areas of infotainment, e-powertrain and lighting solutions. The LG Business Solutions Company is accelerating the expansion of the customer experience to discover potential customer demand by introducing the world’s first commercial television sets to feature Apple AirPlay technology support for hotel TVs.
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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