In a press release provided by LG Electronics Inc. (LG), the consumer electronics giant announced sky-high revenues of A$22 trillion in its preliminary revenue reporting for the 2023 second quarter.
This marks a record high operating profit of A$1.030 trillion which is the second highest second-quarter operating profit in the company’s history.
Meanwhile and in comparison, LG’s competitor, Samsung Electronics, was reported today by ChannelNews to take a 96% plunge in operating profit for the three months ending in June 2023.
Additionally, Samsung stock also has started to dip after the South Korean Company reported its most severe global decline in quarterly profits since at least 2009 with Smartphone sales sinking down 9%.
While Samsung finds itself in a profit slump, LG said in its press release that the company is seeing revenue surg which is primarily due to the company’s movements to strengthen competitiveness and working to deeply to improve its commercial structure by further growing it’s the B2B segment and all during the economic slowdown.
Further, LG shared its operating profit has even grown by 12.7 percent in contrast to the same quarter last year.
Specifically, the LG Home Appliance & Air Solution Company segment announced robust profitability due to rising sales of high demand products like their energy storage systems, air conditioners and energy efficient heat pump-enabled products.
For the LG Home Entertainment Company, this segment has successfully attained significant expansion of the service and content businesses with LG’s webOS smart TV platform while the LG Vehicle component Solutions Company also has an on-going progression buoyed by a high order backlog of auto parts and stable supply chain management.
Regardless of the dark clouds hovering over the global market, LG has managed to weather the storm with higher-than-average profits. Further specifics and details in relation to each division will be stated formally this month.
