LG Electronics today announced preliminary profit data for the third quarter of 2023.
The financial report shows that the company’s comprehensive revenue in the third quarter was 20.7 trillion won (Note: currently about 111.78 billion CNY), and operating profit was 996.7 billion won (currently about 5.382 billion CNY), both of which were the highest in the company’s history. The second-highest Q3 data, and operating profit increased by more than 30% compared with the same period last year and the second quarter of 2023.
LG Electronics’ Automotive Solutions Company continued its rapid growth trend in the third quarter, with an order backlog expected to reach 100 trillion won by the end of the year, while supply chain management remained stable and growth accelerated. From a profitability perspective, there are also economies of scale due to sales expansion. The company expects annual sales to exceed 10 trillion won for the first time this year. LG is accelerating the establishment of regional production bases as demand from major global customers shifts to electric vehicles.
LG Home Entertainment Co. is accelerating its business transformation from a product-focused business to a media and entertainment platform as its content and services business continues to grow. To this end, in addition to expanding cooperation with various content providers, the company recently upgraded its TV operating system for the first time in the industry to expand customers’ content experience. The number of TVs powered by webOS, the foundation of the content and services business, is expected to reach 300 million by 2026.
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