LG Q1 2019: LG Electronics announced its financial report for Q1 2019, and the data in the mobile sector was frustrating. Revenue continued to decline, with only KRW1.51 trillion (~$1.34 billion) generated between January and March. It is reduced by 30% every year and by 11% in every quarter.
According to the official press release, LG Mobile has managed to reduce its operating losses to KRW203.5 billion (~$181 million) in the process of rebuilding its smartphone business.
The launch of the LG V50 ThinQ 5G is expected to create positive momentum in the second quarter, and the relocation of manufacturing plants from South Korea to Vietnam will increase profitability and competitiveness in the second half of the year.
Other departments ensure that the entire company is in a healthy state. The total revenue was KRW14.92 trillion (~$13.27 billion) and the operating profit was KRW900.6 billion (~$8,025,000 million). So it’s good news that LG can afford to take care of its troubled mobile sector until it finds a way to returns to profitability.
Source: LG Newsroom