LG preliminary Q1 2017 financials are looking up
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LG Electronics (LG) this week made public its preliminary operating figures for the first quarter of 2017. Accordingly, revenue is up 14.66 trillion South Korean Won (KRW) or the equivalent of 12.25 billion Euros. This is a YoY increase of 9.7 percent when LG brought in 13.36 trillion Won in Q1 of 2016.
Operating profits are expected to increase from 505.2 billion Won to 921.5 billion Won for an impressive YoY growth of 82.4 percent. LG will finalize its financial figures by the end of this month.
The South Korean manufacturer reported its yearly finances earlier this January with disappointing sales in its smartphone arm. In contrast, its Home Entertainment (HE) arm that is responsible for OLED and UHD TVs experienced brisk sales during the latter half of 2016. LG is hoping that the launch of the LG G6 will turn its smartphone business around after having underperformed with the modular LG G5. The manufacturer is already taking a huge risk by foregoing the next-generation Snapdragon 835 in order to launch the G6 with weaker hardware ahead of the impending Galaxy S8.