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LG abandons smartphones, but has good reason to smile

LG recently announced its exit from the global smartphone market, abandoning an industry that has only brought it successive losses over the past few years. There are, however, several reasons why the South Korean giant has reason to smile.

At issue is the recent publication of the technology itself in which it makes public its fiscal report for the first quarter of 2021. The preliminary document shows that the South Korean giant is very strong in virtually all other sectors.

Q1 2021 was extremely positive for LG

LG smartphone

Out of the smartphone business, LG Eletronics is growing in all segments, exceeding its own expectations. The technology shows significant gains in the profits recorded, as well as in the values ​​of the revenue recorded in the 1st quarter.

The period of operation between January and March 2021 was frankly positive for LG. At recipes during this time span amounted to the equivalent of $ 16.8 billion, or EUR 14.2 billion.

Compared to the same period – the 1st quarter of 2020 – revenues grew 27.7% within LG Electronics.

Now measuring profit, the technology points to the equivalent of US $ 1.3 billion, or about EUR 1.1 billion during the first three months of the year. We are facing a increase in 39.2% on this important metric for your fiscal health.

Strong growth during the first three months of 2021

The full reports will be released at the end of April, detailing the performance of each department in the company. Until then, based on the preliminary global report, we can anticipate a good period for LG.

Finally, we have a reduction in expenses and a negative impact that had been caused by the smartphone department in recent years. Thus, we have some internal restructuring, as well as the reduction of several charges.

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