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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 AusRob
The built in Web Browser will not play Videos on SOME websites after updating to WebOS Version 04.40.25 and 04.40.70. The web sites otherwise work fine. Here is an example that won't play since the 04.40.25 update ...
link hidden, please login to view ... Please fix this LG ASAP, it's really annoying. PS. It has nothing to do with any Browser setting, I have checked all that. -
By JF
Hi,
On my new LG tv, I'm able to stream from my smartphone any Netflix videos. However, on Prime Video or Disney (plus other app), my TV isn't visible in the menu. My others tv like Sony or TCL are visible/avaible to cast. Did I miss something?
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By Brian Gregory
CBS Catchup, Discovery+, POP player, and UKTV Play always need updating. Even seconds after you just updated them. It started doing this a few days ago.
Who can I contact to get this fixed?
Since the "apps need updating" notification now always appears when I switch the TV on, I now have no way of telling if anything really does need updating other than going into the LG content store, clicking Apps, clicking My Apps, and visually checking.
☹️
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By News Reporter
As the world welcomes in the new year, LG is busy ushering in a new era in TV with the announcement of its new vision statement, “Sync to You, Open to All.” The company’s vision for the present and future of screen is all about syncing the user experience to each user’s individual tastes and lifestyle. It’s a vision that sees the screen as a seamless extension of people’s everyday life; a place where one can go to be entertained, to connect, to pursue their passions and so much more.
“Sync to You, Open to All,” although new, is a continuance of LG’s long-term commitment to changing the role of TV. The company aims to realize its vision by reflecting customer opinion throughout the entire user experience journey, factoring feedback into every single facet – from product and service development to User Interface (UI) features, design and, of course, the viewing experience.
In LG’s reimagining of what television is, the living room TV is now considered a lifestyle hub – one centered on the delivery of a personalized, customizable experience that lets users do and be more.
“Sync to You” relates to the delivery of a user experience that takes personalization to the next level. In terms of hardware, this means the introduction of new and diverse screen products intended for different audiences. These will include screens leveraging Zero Connect technology, to provide spatial and interior design freedom, flexible screens that users can ‘bend’ to their needs and screens that eschew conventional design.
As far as software is concerned, “Sync to You” focuses on providing unique experiences optimized for each user, thanks to webOS, LG’s open and constantly evolving smart TV platform. This encompasses the ability to customize a broad range of functions and settings to one’s preferences, starting with UI configuration, content recommendations and picture quality. But it also extends to the provision of an expanded customer experience, thanks to a wide range of interactive services from categories as diverse as cloud gaming, the metaverse, remote learning, home security, home fitness or health.
A variety of virtual worlds can also be accessed, from
link hidden, please login to view, a virtual art museum allowing you to walk inside and explore emotions beyond the creative work or , the world first TV metaverse service, a full mixed reality platform offering life events that happen at the same time in both realities and , a new cloud solution allowing users to access interconnected digital worlds. The app on LG TVs offer access to over 180 classes taught by the world’s best instructors and thanks to a new partnership with , LG TV owners can benefit from integrated services developed exclusively for webOS.
LG TVs also offer a variety of fitness services from , world’s largest fitness group and , to, which allows to connect a fitness machine to the TV and Exercite, a motion sensor solution that recognizes your body’s posture.
The second part of LG’s vision statement, “Open to All,” is about collaboration, inclusivity and sustainability. Through open collaboration, LG TV users will be able to connect to different platforms and devices across an ever-growing ecosystem. Communication and control will be especially smooth thanks to support for Matter, the latest open connectivity standard for smart home solutions.
LG TV is also designed to be accessible to all users, regardless of their age or abilities. In consultation with its accessibility advisory group, whose members include people living with various disabilities, LG is continuously developing and rolling out inclusive technologies and features. Among those currently offered on LG TV are audio-to-text captions and a sign language screen that can be easily moved and resized whenever the user desires. There are also services available on LG TV that have been created specifically with elderly users and children in mind.
Sustainability is another integral element of LG TV and of LG’s vision. All LG TV products are shipped in boxes that feature one-color printing and have been made from biodegradable materials. The TVs themselves contain parts fabricated from recycled plastics. LG’s OLED TVs deserve special mention when it comes to sustainability, using a smaller number of components and offering greater recyclability than their LCD counterparts. Furthermore, since they do not require a backlight having fewer parts overall, there is less to recycle and dispose of.
Guided by its new vision statement “Sync to You, Open to All,” and a firmly held belief that “Life’s Good,” LG is and will continue to provide LG TV users with differentiated lifestyle experiences and exceptional customer value.
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