has announced its first quarter financial results, and to no surprise, its smartphone business did not stay red during the first three months of 2021.
Overall, the South Korean company performed well, with revenue up 27.7 percent from the fourth quarter to SEK 18.81 trillion ($ 16.90 billion) – a first-quarter record. Profit rose 39.1 percent to SEK 1.52 trillion ($ 1.36 billion) on strong demand for home appliances and home entertainment products.
LG Mobile’s 24th consecutive loss-making quarter
LG is going to Stop the production and sale of smartphones
By 31 July. The company has not been able to make a profit for a long time, and the first quarter of 2021 was the 24th direct loss of smartphone wings in three months.
The mobile unit had revenue of KRW 998.70 billion ($ 897.18 million) in the first quarter and an operating loss of KRW 280.10 billion (USD 251.63 million). Last quarter,
these figures were KRW 1.39 trillion and KRW 248.5 billion.
Profit from the previous year fell 28 percent, and LG explains it was due to a lack of new smartphone releases. Previously, the company was expected to release a roll up phone
this year, which would have been the second in the Explorer Project series. An LG velvety
the device was reportedly also at work.
The company is committed to providing software support for existing equipment for three years. It has also been revealed the name of the smartphones
which can be upgraded to Android 12 and Android 13.
LG was once the world’s third-largest smartphone maker with its deliveries, but it has been on a downward trend for six years. As of the last quarter of 2020, it was still the third largest smartphone maker in the United States after Apple and Samsung.
The company is now prioritizing growth areas, including electric vehicle components, smart homes and artificial intelligence. It will continue to work on some smartphone technologies, such as cameras and sixth generation networks.