Despite the fact that LG Electronics is leaving the smartphone market, in general, things are doing very well for the company. The South Korean giant has released a preliminary report for the first quarter of 2021 and the results have exceeded all expectations. Both revenues and operating income were up strongly compared to the same quarter last year.
Consolidated revenue from January to March 2021 was approximately $ 16.8 billion. Profit for the quarter was $ 1.3 billion. Looking at the results in the first quarter of 2020, revenues increased by 27.7% and profits increased by 39.2%.
These are preliminary figures and a final report is expected later this month. As the company withdraws from the smartphone world, analysts anticipate some internal restructuring that will cut costs and eliminate the negative impact of the mobile division.
LG officially confirmed this week that it will gradually close its smartphone business. However, some of the company’s smartphones will receive planned updates not only to Android 11, but also to Android 12.
In addition, sources have published real photos of the latest flagship smartphones of the South Korean company LG, which are passing under the working names LG Rollable and LG Rainbow.