LG announced its mobile division will be closed this year since it cannot turn profitable in the current market. However, the company’s report confirms all other branches have posted a yearly increase in sales, bringing the total revenue to KRW18.8 trillion – the most LG has ever recorded between January and March.
The biggest grower was the Home Entertainment division. People staying at home resulted in recovering demand in North America and Europe – traditionally profitable markets where LG managed to expand its sales of OLED and NanoCell TVs. The upward trend is expected to continue and will be centered around premium products.