Overall, the South Korean company did well, with revenue growth of 27.7 percent from the last quarter to KRW 18.81 trillion ($16.90 billion) – a first-quarter record. Profit climbed 39.1 percent to KRW 1.52 trillion ($1.36 billion) on strong demand for home appliances and home entertainment products.
LG mobile’s 24th consecutive loss-making quarter
LG was once the world’s third-largest smartphone maker by shipments but it has been on a downward spiral for six years. As of Q4 2020, it was still the third-largest smartphone maker in the US after Apple and Samsung.
The company will now prioritize growth areas including electric-vehicle components, smart homes, and artificial intelligence. It will continue to work on some smartphone technologies such as cameras and sixth-generation networking.