LG has released its financial results for the second quarter of 2017. The company announced revenue of KRW 14.55 trillion, about $12.89 billion.
Overall sales were up some 4% on the same time last year and LG’s home appliance units had increased sales of around 12 percent.
LG reported a Quarterly operating income of KRW 664.1 billion, about USD 588.2 million, which is up around 13.6 percent on last year. Unfortunately things are not going as well for LG in their mobile business.
LG revealed that sales of their smartphones are strong in the US with a 13 percent increase in sales, things are not the same everywhere.
The LG Mobile Communications Company saw a challenging second quarter with revenues of KRW 2.70 trillion (USD 2.39 billion) and an operating loss of KRW 132.4 billion (USD 117.27 million), nearly unchanged from the same period a year ago primarily due to weaker than expected premium smartphone sales and increase in component costs. The North American market remained strong, contributing a 13 percent increase in sales compared to the same period last year thanks to strong performance of the company’s mass-tier lineup. The introduction of the new Q series and the rollout of a new high-end device in the weeks ahead are expected to bolster the company’s performance in the second half of 2017.
As LG has managed to increase sales of its smartphones in the US, this is a positive for the company. If they can continue to increase sale of their handsets in the US, then they may be able to turn their mobile business around.
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