LG Became the World’s No. 1 Consumer Electronics company

LG Earned Three Times more in the first half than Whirlpool…

LG Electronics defeated Whirlpool and became the world’s No. 1 consumer electronics company in the first half. Despite the aftermath of the new coronavirus infection (Corona19).

LG Electronics announced on the 30th that it had a total of 2,843 billion won in sales and operating profit of 49.1 billion won in 2Q. Sales decreased 17.9% from the same period last year and 12.9% from the first quarter, respectively. Operating profit also fell 24.1% from the same period last year and 54.6% from the first quarter. However, considering that the consumer electronics stores in the United States and Europe, which are the world’s largest consumer electronics markets, were actually shut down (closed) until May with Corona 19, the results are observable.

In particular, the Household Appliances (H&A) sector was a great help. In the second quarter, sales in the H&A division recorded KRW 5,151.5 billion and operating profit of KRW 6280 billion. Until the interim results were released on the 7th, the securities industry forecasted the operating profit to reach 500 billion won, which is beyond this. In the industry, sales of premium new home appliances, such as stylers, dryers, and dishwashers, were cited as the reason for their strong sales.

 

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Summary

LG Earned Three Times more in the first half than Whirlpool

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