LG posts its best quarterly profit in almost 8 years
It’s no secret that LG didn’t have a great 2016, thanks in part to the LG G5 and LG V20. The big question was whether they’d be willing to turn it around in 2017. So far, the answer seems to be “yes.” Operating profit in Q1 2017 was the highest it has been in eight years.
Profit was up a whopping 82% from last year and revenue rose 9.7%. Strong sales in home appliances and TVs are likely the reason for the increase, but strong LG G6 sales in the current quarter could help continue the trend. The mobile division reported a $1.7 million operating loss, but that does not include G6 sales.
The mobile division has been LG’s weak spot for several years now. If they can somehow turn it around, they will be doing very well. LG appliances and TVs are popular, but LG phones not so much.
[via Reuters]