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By News Reporter
Highest Full-Year Revenue in LG Electronics’ History With
Continuous Growth Based on Strong Fundamentals
SEOUL, Jan. 27, 2023 — LG Electronics Inc. (LG) today announced full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion.
In 2022, LG achieved its highest annual revenue ever – surpassing KRW 80 trillion for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded KRW 70 trillion for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.
The company’s revenue growth in 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance business unit saw significant year-over-year growth. The turnaround of LG’s Vehicle components Solutions business in 2022 reflected steady improvements in the automotive industry, and this business exceeded 10 percent of LG’s total revenue for the first time.
The LG Home Appliance & Air Solution Company saw another record-setting year with 2022 revenue of KRW 29.9 trillion, an increase of 10.3 percent from the previous year, as a result of company’s premium-focused strategy that includes unique appliances such as LG Styler clothing care systems, all-in-one WashTower laundry centers, and LG InstaView refrigerators with Craft Ice. Full-year 2022 operating profit was KRW 1.1 trillion lower than in the previous year caused by increased marketing investments and higher logistics costs. The business unit plans to consistently pursue its premium-centered strategy by improving competitiveness of premium products as well as strengthening its mass-tier lineup, along with cost structure management to enhance profitability. In addition, the company will accelerate the expansion of smart home ecosystems by expanding upgradable appliance lineups in the overseas markets.
The LG Home Entertainment Company reported 2022 revenue of KRW 15.7 trillion and operating profit of KRW 5.4 billion. Although lower global TV demand impacted revenue and operating profit versus 2021, the company’s content and services business based on LG’s smart TV platform has grown ten-fold since 2018. As challenging business conditions persist, the company will focus on expanding LG’s smart TV platform to diversify its overall business portfolio and secure future growth engines. Furthermore, the company will maintain its competitive edge by growing the premium TV segment, such as OLED TV and QNED TV, as well as effectively managing marketing expenses.
The LG Vehicle component Solutions Company increased revenue by 29.1 percent in 2022 from 2021 to KRW 8.6 trillion with a full-year operating profit of KRW 169.6 billion. The business unit’s profitable growth was driven by proactively responding to higher demand from automakers. By year-end 2022, the total value of accumulated orders for auto parts is around KRW 80 trillion, reflecting the company’s position as a leading supplier to the worldwide automotive industry. The company will continue its momentum by strengthening its global supply chain and will work to further increase profitability through efficient cost structure management.
The LG Business Solutions Company’s 2022 revenue of KRW 6.1 trillion increased 11.2 percent over the previous year driven by continuous recovery of information displays. Full-year operating profit declined, primarily due to lower post-pandemic demand for PCs and monitors. Looking ahead, the company plans to improve competitiveness of PCs and monitors, while driving stable growth in the B2B segment by developing more customized solutions.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 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 Alann
I have only notices when streaming. Streaming stop on some error and the tv locks up. Remote no loaner works. I have to unplug to reboot the tv. Never happy when just watching tv.
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By Libbo2003
Hi just got a new QNED LG to replace 2021 Nano tv
the problem is I can’t move my HD channels down to channels 1 to5.
the program manager does not have the function to move channels like my old Nano tv which is only a year older.
is there anyway I can get around this strange function?
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By News Reporter
LG Continues Long-Standing History of Honors at World’s Preeminent
Consumer Technology Show With More Than 220 Awards & Accolades
SEOUL, Jan. 13, 2023 — Making a triumphant return at this year’s CES®, LG Electronics (LG) took home its most awards ever compared to previous years – with more than 220 recognitions honoring top innovations across its home appliance and home entertainment categories.
Among the top honors received by LG at CES 2023 was the coveted, Engadget Best of CES Award in the Best Home Theater Tech category for its groundbreaking LG SIGNATURE OLED M (model M3) – the world’s first wireless OLED TV with Zero Connect technology.
With 2023 marking the 10th anniversary of LG’s revolutionary OLED TV, the global leader in OLED technology continued its dominance at CES, taking home the industry’s top awards and honors for its latest OLED TV lineup including the aforementioned LG OLED M3 and LG OLED evo G3 and C3. The LG OLED evo G3 features up to a 70 percent increase in brightness versus last year’s models. The 97-inch LG SIGNATURE OLED M3 (the M3 model also available in 83- and 77-inch screen sizes) is considered the next step in the evolution of OLED TV technology and was honored by major tech publications including CNET, Digital Trends, TechRadar, Tom’s Guide, WIRED, The Verge, USA Today, PCMag and Mashable. The new LG G3 series OLED TV featuring “evo” technology was also applauded by TechCrunch, CNET, Tom’s Guide, Reviewed and BGR. PCMag additionally highlighted the innovative LG gram Ultraslim in its Best of CES 2023 noting the laptop’s lightweight mobility.
LG also garnered accolades from top publications such as The Wall Street Journal, CNET, The Washington Post, WIRED, Good Housekeeping, Tom’s Guide and PCMag for its new refrigerator with MoodUP technology. The cutting-edge home appliance was widely recognized for being one of the most exciting products of CES 2023 due to its tech-forward customization with LED door panels that offer 190,000 color options along with an integrated Bluetooth speaker.
LG’s newest ARTCOOL Gallery residential air conditioner also received significant attention for its sleek design with LCD panel and took home a Best of CES award from TechRadar and Best Innovative Products from CES 2023 from Business Insider. LG’s PuriCare Aero Furniture, which combines the benefits of sleek home furnishing and advanced air purification, was honored by PC Mag (Best Smart Home Tech of CES) and Reviewed (CES 2023 Editors’ Choice Award) for its ability to conceal high-end air purification tech with futuristic, colorful end tables that include mood lighting and a wireless charger surface.
From the Consumer Technology Association’s (CTA) CES Innovation Award program alone, LG won 25 CES Innovation Awards including three Best of Innovation Awards given to LG Transparent OLED Screen, LG OLED Flex and LG’s 65-inch UltraFine Display OLED Pro.
Highlights from LG’s 220 awards and recognitions earned at CES 2023 include:
LG SIGNATURE OLED M (97-inch M3) Wireless OLED TV with Zero Connect Technology
CNET: Best of CES 2023 – Best of Show Digital Trends: Top Tech of CES 2023 Awards Engadget: Best of CES 2023 – Best Home Theater PCMag: Best of CES 2023 Reviewed: CES Editors’ Choice Awards 2023 TechRadar: Best Gadgets of CES 2023 – Best TV Innovation The Washington Post: Best and Strangest Tech of CES 2023 Tom’s Guide: Best of CES 2023 Awards – Best in Show
LG gram Laptops
CNET: Best Laptops CES 2023 Has to Offer Laptop Mag: Best of CES 2023 PCMag: Best of CES 2023 PCWorld: Best Laptops from CES 2023 TechRadar: Best Laptops at CES 2023 Tom’s Guide: Best Laptops of CES 2023 WIRED: Best of CES 2023
LG OLED Flex
Digital Trends: Best Gaming Monitors of CES 2023 PC World: Best Monitors of CES 2023 TWICE: TWICE 2023 Picks Awards – CES 2023
LG UltraGear OLED Gaming Monitor
PC World: Best Monitors of CES 2023 Wirecutter: Best of CES 2023 TWICE: TWICE CES 2023 Picks Awards
LG Refrigerator with MoodUP Technology
CNET: The Wildest Tech at CES 2023, 9 Weirdest Gadgets at CES 2023, Best Smart Kitchen Tech Good Housekeeping: Editor’s Choice – CES 2023, CES 2023 Top Picks Now This News: Some of the Best Products from CES 2023 PCMag: Best of CES 2023 Reviewed: CES Editors’ Choice Awards 2023 The Wall Street Journal: Cool, Crazy and Cute Tech – CES 2023 The Washington Post: Best and Strangest Tech of CES 2023, Best of CES 2023 Tom’s Guide: Best of CES 2023 Awards – Best Appliance The National News: Best, Quirkiest Innovations at CES 2023 Gear Patrol: Best Home Gadgets of CES 2023
LG InstaView ® Counter-Depth French Door Refrigerator
BestProducts.com: Best of CES Home Appliances – Best Large Appliance
LG PuriCare Aero Furniture
Reviewed: CES Editors’ Choice Awards 2023 TWICE: TWICE Picks Awards – CES 2023 PCMag: Best Smart Home Tech of CES 2023
LG ARTCOOL Gallery Residential Air Conditioner
TechRadar: Best of CES 2023 Business Insider: Best Innovative Products from CES 2023 Gadget Flow: CES 2023 Favorites Yanko Design: Best of CES 2023
LG Styler ShoeCase
Digital Trends: The Most Curious Gadgets at CES 2023
LG Styler ShoeCare
CNET: 9 Weirdest Gadgets at CES 2023 Digital Trends: The Most Curious Gadgets at CES 2023
For more information on LG’s CES 2023 awards and honors and additional information about LG’s products announced at CES, please visit
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By News Reporter
LG’s business practices and technological innovations reflect a deep-held desire to help improve people’s lives and make a positive impact on the planet. LG always believes that Life’s Good and aims to create innovative technologies and products that present exceptional values, contributing to a smarter, more convenient way of living and ultimately leading to a Better Life for All. This belief led LG to establish the LIFE’S GOOD AWARD, an innovation challenge that was held for the very first time in 2022.
LIFE’S GOOD AWARD
First announced at CES 2022, the LIFE’S GOOD AWARD gave innovators from all around the world the opportunity to share their novel ideas for technology-driven solutions targeting environmental sustainability – Innovation for the Planet – or accessibility – Innovation for People.
A total of 334 entrants – individuals and groups – from 61 countries participated in LG’s inaugural innovation challenge, with four finalists chosen among them by an expert jury comprised of renowned ESG scholars, LG’s own executives and the head of LG Technology Ventures. Revealed at CES 2023, Dot Inc. and Day1Lab of South Korea, SOLUTUM of Israel and NONA Technologies of the United States will compete in a final pitching session to decide the ultimate winner.
Read on to learn about the four finalists’ innovative solutions that could help solve global challenges and how those solutions align with LG’s vision for a Better Life for All.
Innovations Creating a Better Life for All
Dot Inc.: Bridging the Information Divide for People With Visual Impairments
“We want to build bridges that connect the visually impaired to their families, and to society.”
Since 2015, South Korea’s Dot Inc. has been working on creating assistive technology for the visually impaired, such as the highly inventive Dot Braille Smartwatch. Dot Inc. has more than 120 technology patents to its name and was the winner of Titanium Lion at the Cannes Lions International Festival of Creativity 2022. The company also won Best of Innovation in the Accessibility category at CES 2023.
Dot Inc.’s entry for the LIFE’S GOOD AWARD is ‘Dot pad’, a display solution designed to bridge the information gap for the visually impaired. With 2,400 braille pins – or ‘dots’ – which move up and down, the novel device converts images, maps and other diverse digital information from connected devices such as computers and mobile phones into tactile graphics for visually impaired users to feel and comprehend. Thanks to Dot Inc.’s innovative ‘Dot Cell’ electromagnet actuator technology, the game-changing device is twenty times smaller and ten times lighter than similar types of displays currently on the market, providing a far more convenient way for sight-impaired users to find and access information.
Day1Lab: Reducing Microplastics With Biodegradable Plastic Technology
“We want to see the dawn of a plastic-free world.”
Starting life in 2021 as a research team at Korea’s Seoul National University College of Engineering, Day1Lab strives to develop alternative plastic materials to solve the global problem of microplastic waste. The environmentally focused startup has been honored with various awards, including the K-Startup Award (Prime Minister of State Award), the Environmental Entrepreneurship Idea Award (Minister of Environment Award) and the SK hynix Startup Idea Award.
For the LIFE’S GOOD AWARD, Day1Lab presented a carbohydrate complex alternative plastic solution that, according to the startup’s internal test results, completely degrades naturally in freshwater after about two weeks, and in the earth after about two months. The jury lauded Day1Lab’s waste-fighting invention, noting its superiority over petroleum-based solutions which are the current status quo for biodegradable plastic solutions. With ongoing research in biodegradable plastics for a microplastic-free world, there’s much more to come in Day1Lab’s future.
SOLUTUM: Bioplastic That Dissolves Without Toxic Residue
“What would you like to leave behind for future generations?”
SOLUTUM is an innovative clean-tech startup that, like Day1Lab, is targeting the monumental challenge of ending plastic pollution. The company has successfully developed a novel plastic material and biodegradable technologies and has been selected as a sustainability innovator by Mass Challenge, the Coller Startup Competition and Seagate.
For the LIFE’S GOOD AWARD, SOLUTUM proposed a new plastic solution that degrades naturally without leaving behind any toxins. The material decomposes almost completely (90.2 percent) when put in freshwater for 56 days, and can be produced on existing plastic assembly lines – factors that have helped SOLUTUM secure a partnership with a leading beverage company.
NONA Technologies: Desalination Solution for Combating the Climate Crisis and Water Scarcity
“Make your own purified water anywhere.”
Made up of MIT School of Engineering and Sloan School of Management graduates, NONA Technologies develops water treatment technology that converts seawater to freshwater for industrial and domestic use.
NONA Technologies submitted a creative desalination solution for the LIFE’S GOOD AWARD. Devised in response to climate change and grounded on Ion Concentration Polarization (ICP) technologies, the solution is able to remove viruses, bacteria, salt and debris from water. The new innovation can be applied at a smaller scale than existing desalination technologies and offers the added benefits of higher energy efficiency, lower costs and lighter weight. As such, NONA Technologies’ creation could prove immensely useful in natural disasters or water shortages, providing affected communities with a reliable supply of drinkable water.
The four finalists of the LIFE’S GOOD AWARD were selected based on the huge potential of their innovations to contribute to a Better Life for All. To find out more about how these warm-hearted, technology-driven solutions can create positive changes for people and the planet, check out the LIFE’S GOOD AWARD Conference, taking place at LG Sciencepark in Magok, South Korea, on January 16.
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