LG Electronics achieved record revenue

Revenue was the highest in the company’s third-quarter history, while operating profit was the fourth-best result. The performance in the third quarter was affected by a number of negative circumstances, including the persistent delay in the revival of market demand, as well as the continuing geopolitical conflicts in several parts of the world. All this resulted in an increase in global transport costs, which contributed to the growth on the cost side. Despite these obstacles, LG has been able to maintain year-over-year sales growth for the fourth consecutive quarter, namely through the development of its business portfolio. This meant the transformation of business methods and models as well as the expansion of B2B activities. As a result of all these efforts, LG was able to partially offset the inevitable cost increases, so the company was able to maintain its strong operating profit – indicating the maintenance of strong core competitiveness. LG plans to further accelerate its business transformation through a subscription model for home appliances, direct-to-consumer sales, and expanding sales of volume products. In addition, the company aims to achieve continuous growth in the B2B sector while also expanding its platform-based content and service businesses.