Earlier this month, LG announced that it was leaving the smartphone business after years of losses. From a business point of view, this was the right decision when looking at the latest financial statements.
Sales of all LG divisions are increasing annually, bringing in total revenues of almost $ 17 billion. This is the maximum that LG has ever recorded between January and March. Home Entertainment was the largest in terms of revenue. This is a direct result of the pandemic, as more and more people stayed at home and wanted entertainment to relieve boredom. The division has experienced a rebound in demand in traditionally lucrative North American and European markets, where LG has been able to expand sales of OLED and NanoCell TVs. The upward trend may continue and will extend to premium products.
LG Mobile posted sales of about $ 900 million during the first quarter of 2021, just like a year ago. At the moment, the company is engaged in the liquidation of assets, pays compensation to partners and service providers, and so on.
It is worth noting that all sales activities of the mobile communications division will be discontinued at the end of July. Then the report for the second quarter with the final figures for LG Mobile will be published. Then we will see the direct effects caused by the company’s withdrawal from the smartphone business. LG will then focus on other segments such as the electronics and display divisions.
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