LG introduced its cellular division will probably be closed this yr because it can not flip worthwhile within the present market. Nevertheless, the corporate’s report confirms all different branches have posted a yearly improve in gross sales, bringing the overall income to KRW18.8 trillion - essentially the most LG has ever recorded between January and March.
| Cell Divison Efficiency | Q1 2021 | This fall 2020 | QoQ Change | Q1 2020 | YoY Change |
| Gross sales in KRW / USD | 998.7B / 901M | 1,385B / 1.24B | -27.9% | 998.6B / 901M | 0% |
| Revenue in KRW / USD | -280B / -252M | -248B / -224M | -12% | -237B / -214M | -18% |
The largest grower was the Residence Leisure division. Folks staying at dwelling resulted in recovering demand in North America and Europe - historically worthwhile markets the place LG managed to broaden its gross sales of OLED and NanoCell TVs. The upward pattern is predicted to proceed and will probably be centered round premium merchandise.
The cellular enterprise is already performing its swan tune - the ultimate try and salvage what’s left earlier than operations are discontinued later this yr. Throughout Q1 2021, LG managed to promote telephones price KRW998.7 billion, which is precisely the identical as Q1 2020 all the way down to the decimal level. There have been no new fashions launched and actions had been geared toward current fashions.
LG will probably be redeploying all personnel inside the company, going for a liquidation of belongings, compensating companions and suppliers of service help.
All gross sales actions of the Cell Communications division will probably be terminated on the finish of July, and that’s when the Q2 report will probably be out, disclosing the ultimate numbers, the place LG will present a breakdown between persevering with and discontinued operations.
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