LG’s revenue and profit growth at the same time as Samsung’s financial crisis

In its preliminary report for the second quarter of 2023, LG Electronics said it pocketed a total of 19.9 trillion won ($15.3 billion) in revenue. This is the first time that LG registers such income in the second quarter of the year.

According to Zomit, LG’s operating profit reached 892.7 billion won ($687.5 million) in the second quarter of this year. LG has only once managed to earn a higher operating profit in the second quarter of the year than in the second quarter of 2023.

LG’s operating profit in the second quarter of 2023 was 12.7% higher than the second quarter of 2022. In recent years, LG has experienced relatively steady growth; While Samsung, another big Korean brand, is in a critical situation and has faced a sharp drop in profitability.

LG’s subsidiary in the home appliances and air conditioners market has been very profitable. This issue is attributed to the increase in demand for air conditioners and other products such as heat pumps and energy storage systems.

LG says its home entertainment division has experienced significant growth in its webOS-based content and software services business, which is used in smart TVs. According to LG, the lifestyle series TVs are increasing in sales and are considered the market leaders of premium TVs.

LG has said that it will release the full financial report later this month.