LG Smashes Records Despite Mobile Failure
LG has shattered records in its preliminary results for Q1 2021, raking in 18.8 trillion won ($21.9 billion AUD) in revenues over the quarter.
The South Korean tech giant recorded its highest ever sales and profit for a fourth quarter, with 1.5 trillion won ($1.75 billion AUD) in profits. Revenue and profits were up 27.7 per cent and 39.2 per cent respectively over Q1 of 2020, and LG has noted both are the highest in the company’s history.
The preliminary figures represent consolidated earnings, with no breakdown by division available as yet, and come as LG announces its official exit from the mobile phone business to “focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services”.
LG is expected to wind down its mobile division by July 31, though the company noted that inventory of existing models may still be available after that. The swivelling LG Wing, unveiled last year, has already launched overseas; however, it is now unlikely that the manufacturer’s Rollable phone shown at CES (above) will ever see a consumer release.