LG Posts Record Sales After Dumping Mobile Phones
LG Electronics has posted full-year sales of over A$81 billion for the first time in the company’s history, proof positive that getting rid of its lagging smartphone division was a very smart move.
2021 Revenue was up a whopping 28.7 from the previous year, smashing previous earnings estimates. The result are according to the company’s preliminary consolidated financial report.
Despite the record figures, Its annual operating profit fell 1 percent, to A$4.5 billion, lower than the consensus estimate at A$4.65 billion.
LG credits strong sales in home appliances, air purifiers, home entertainment devices, and phone components for the strong results.
Results until September saw home appliances, home entertainment devices and phone components accounted for nearly 80 percent of its total revenue; it is expected the full-year results will show a similar percentage split.