After announcing its departure from the smartphone industry, LG has released its preliminary report for Q1 2021 and the numbers are rather impressive. The report reveals that both revenue and the operating profit increased a lot during the period. Moreover, the numbers have soared as compared to the same period last year. Of course, this is not true for the mobile division.
The consolidated revenues between January and March 2021 were KRW 18.8 trillion, or about $16.8 billion. Meanwhile, the profit for the quarter was around KRW1.5 trillion, which equals $1.3 billion. As compared to Q1 2020 the revenues went up by as much as 27.7%, while the profit rose 39.2%.
These numbers are preliminary, a full report with details is expected to be published later this month. The numbers show that the company’s sales and operations with all other departments are going rather well and its mobile division was more of an Achilles heel, which was only causing setbacks to the company’s progress.
Now that the mobile division has been shut down, the company is expected to undergo restructuring which would lower expenses and the negative impact the mobile division brought for many consecutive quarters.
LG has not yet announced its restructuring plans. Nevertheless, the details will be revealed soon.