LG preliminary earnigs report reveals highest ever holiday quarter profit
LG has posted its preliminary earnings report for Q4 2020, as well as the the full calendar year. The early numbers look promising – the Korean company posted KRW18.8 trillion ($17.21 billion) revenue and KRW 647 billion ($590 million) of operating profit, the highest ever for the October-December period.
LG Twin Towers HQ in Seoul, South Korea
That’s an increase in revenue by 15% while profit jumped by 536%, although admittedly from a much smaller base.
The full year also saw a record-breaking sales performance, with LG surpassing KRW60 trillion for the fourth year in a row – the number stood at KRW 63.3 trillion ($58 billion). Operating profit is expected to be KRW3.2 trillion ($2.9 billion), a 31% increase over 2019.
The full results are expected at the end of the month when we’ll see a detailed list of how each division performed. We’re going to be on the lookout for the mobile business because LG hasn’t been releasing a lot of phones in the past three months and we’re wondering what the numbers have to say about that.
