Despite navigating challenging macroeconomic conditions, LG Electronics Inc. reported a robust first quarter in 2024. The company achieved its highest-ever total revenue of USD 16.4 billion and over USD 1 billion in operating profit.
LG's focus on features like AI, energy efficiency, and customer-centric design approach has allowed them to compete effectively in the premium market. On top of that, their strategic approach of offering a wide range of products at different price points proved effective in navigating a market with two extremes - consumers who are willing to spend a lot on high-end products and the others who are more budget-conscious.
LG Home Appliance & Air Solution Company
LG Home Appliance sector shines achieving a record-breaking 7.2 percent increase in revenue. The company's focus on its core technologies particularly in motors and compressors, LG continues to innovate, developing game-changing projects such as product subscription services and the concept of 'Affectionate Intelligence' appliances that effectively address customer needs.
Rise of EV components
The LG Vehicle Component Solutions Company reported an 11.5 percent year-on-year revenue increase. The demand for EV components that enhance performance, efficiency and functionality grows steadily. To stay ahead of the curve, LG continues to develop a well-rounded portfolio of components spanning from in-vehicle infotainment systems to powertrains and headlamps.
LG TV market optimistic forecast
Driven by the resurgence in TV demand in Europe, alongside the successful launch of new 2024 models, the LG Home Entertainment Company reported a 4.2 percent increase in revenue compared to the same period last year. In addition, by leveraging on LG's leading OLED TV and premium LCD QNED TV compounded by the robust performance of the webOS content/service business, LG gears up for a future of rapid growth.
Growth in business solutions
The launch of new LG gram laptops that feature on-device AI and growth in sales of commercial display products including electronic whiteboards and LED signage contributed to a 6.5 percent revenue increase in the business solutions sector.
Looking ahead, LG anticipates slight growth in the commercial display segment, gaming monitors and LED signage. The company continues to invest in promising new ventures like robotics and EV charging.