Jan 27th, 2014

LG logo wm watermarked

LG has announced performance results for the final quarter in 2013. Good news was abundant for the South Korean technology giant, with the company announcing overall revenues of $14.03 billion in Q4 2013. That added onto their end-year total to bring in $53.10 billion for the entirety of 2013. As good as those numbers look, LG’s profit margins on the year only increased to $1.17 billion, up slightly from the $1.08 million made in 2012.

So what helped LG to reach those numbers this past quarter? Well, their booming smartphone business isn’t a bad place to start. The company reportedly shipped 13.2 million smartphones in the fourth quarter, helping them to bring in $3.38 billion in revenue (which was 18% higher than Q3). That brought year-on-year revenue numbers for their mobile business to a significant 29% increase to the tune of $11.85 billion, meaning it made up for about a fifth of overall revenue.

LG’s mobile business was beat by home entertainment (television and blu-ray), though that particular division saw overall profits decline by about 5%. They were able t beat out appliances and home energy solutions, though, making mobile one of LG’s most important sectors going forward. For 2014, LG’s looking to increase revenues to about $57 billion, and we don’t see them having a problem meeting that goal if their mobile business is just as good as it was in 2013.

[via LG]