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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 Nick Payne
Since the last webos update to 3.40.87, I find I have to completely power cycle the TV (a G1 65" OLED) every week or so to get the DLNA client back to functioning properly. I have a media server running Serviio on a Raspberry Pi, and I periodically get one of the following two problems, both of which are fixed by completely power-cycling the TV.
When I'm using the DLNA client to select videos from the server, I get no response from trying to select a video or series using the remote. The remote continues to work fine when used with other apps (eg Netflix, Stan etc) on the TV. When the DLNA client is playing a video from the server, the audio is delayed by a couple of seconds from the video. At the time that the TV is showing either of these problems, I can access the media server using either BubbleUPnP on my phone or VLC on my PC, and neither of them have any problem either selecting videos or playing them back with the audio synced with the video, so the problem is clearly with the TV, and power-cycling the TV gets rid of whichever problem is manifesting itself.
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By News Reporter
Company Achieves Record-breaking
First-Quarter Revenues by Surpassing Boundaries Once Again
SEOUL, Apr. 5, 2024 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the first quarter of 2024, reporting a consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion.
The company marks the highest first-quarter revenue in its history. The implementation of innovative business models such as subscriptions, along with the expansion of B2B operations, have proven to be crucial in overcoming challenges like the delayed recovery of market demand. From a product perspective, LG’s strategy to enhance the product range and price coverage of volume zone lineups, in response to market demand polarization, has demonstrated significant effectiveness. This strategy, combined with the company’s dedication to sustaining strong competitiveness in the premium market by emphasizing unique factors like AI, has played a substantial role in achieving the impressive figure.
The first-quarter operating profit has surpassed KRW 1 trillion for the fifth consecutive year since 2020. The company’s content and service business, which leverages its hundreds of millions of devices distributed globally as a platform, along with D2C sales, are driving qualitative growth and enhancing the contribution to the company’s operating profit. Measures such as resource allocation, stabilization of raw material and logistics costs and ensuring the flexibility of the global production operation system have also played a part in maintaining stable profitability.
In the home appliance & air solution business, new products like the LG Styler clothing care system, LG WashCombo All-in-One and LG WashTower have led growth, receiving positive market feedback. The strategy of expanding the volume zone lineup to cater to regional characteristics and shifts in demand in international markets has been successful. The company is also growing its B2B business, including HVAC, built-in appliances and component solutions.
LG aims to expedite the paradigm shift in home appliances by introducing subscription services that allow customers to choose appliances and product management services that suit their lifestyles. Also, as AI expands its role in customer electronics, the company is incorporating its Affectionate Intelligence into its devices and services, aiming to provide a unique customer experience that goes beyond basic AI, offering more thoughtfulness and empathy towards customers.
In the vehicle component solutions business, a secured backlog of orders is driving gradual sales growth. The order backlog is expected to exceed KRW 100 trillion in the first half of this year, increasing from the mid-90 trillion range at the end of last year. For In-vehicle Infotainment, a major contributor to sales, the emphasis this year is on bolstering software capabilities and broadening the spectrum of unique products. LG Magna e-Powertrain, having achieved profitability last year, is poised to accelerate growth by securing additional orders from the European and Asian markets. Concurrently, ZKW, a subsidiary specializing in vehicle headlamps, is strategizing to develop next-generation product capabilities while optimizing its business structure.
The home entertainment business is continuing to experience meaningful growth with the launch of new 2024 OLED TV lineup with enhanced AI performance as well as the expansion of webOS content and services. Starting this year, the company will actively deploy dual-track strategy driven by both the top-tier OLED lineup and the QNED lineup to lead the premium market. Furthermore, the webOS platform business will be developed into a scalable, high-profit business this year.
The business solutions sector continues to innovate customer experience through strategic products such as the new LG gram that comes with the latest on-device AI functions and gaming monitors. This year, the company will position itself with a competitive lineup of the commercial displays and continue to invest in future growth engines such as robots and electric vehicle charging, accelerating the early deployment of promising new businesses.
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 DavidSr
We have two LG TV's that stopped connecting to our PLEX media server after the last update. TImes out saying "Checking connection speed to Raspberrypi" which the PLEX is on
Upgraded the Mesh Routers before trying anything, still only the PLEX app doesn't work
Our other TCL TV and Roku and TIVO still work with Plex, so this is only the LG TV's that can't connect anymore.
Another annoying error after the last update is that any Streaming app (Amazon, Netflix, and DIsney) now fall out of the app and go back to HDMI port 1 if we pause for 30 seconds. Which we have always done for a Bathroom break or getting drinks.
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By kennyboom99
hi Guys,
My lg tv when set to live tv will show full screen for around 20 seconds and then show a very small shrunk screen in the top left corner of the channel
i can switch channels but the screen stays mall
netflix displays in full screen
picutre test shows full screen
i have tried resetting the tv, power cycling, changing cables (coax) and nothing is making a difference.
anyone have any ideas on what causes this?
this is what the screen looks like
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any help is much appreciated
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