LG TV profits soar to record high
LG’s Home Entertainment division just announced some big news – it just enjoyed record profit for Q1 of 2018, unsurprisingly, driven by sales of its OLED TV range.
During the first quarter of 2018, LG Home Entertainment Company reported a 7.4 per cent increase in revenue year-on-year – totalling KRW 4.12 trillion (€3.20bn/£2.8bn). Its operating profit was also bigger than ever according to LG.
The South Korea–based manufacturer says its success it largely thanks to the popularity of its OLED and Super UHD line up of TVs, which continue to dominate the high end TV market.
Samsung’s equivalent consumer electronics division, in contrast, saw sales figures slow slightly compared to last year – although were more than decent at KRW 9.74 trillion (€7.6bn/£6.6bn) for Q1 2018, they had previously recorded KRW 10.34 trillion (£7bn) in the opening quarter of 2017.
Overall, Samsung Electronics and all its sub-divisions noted 20 per cent year-on-year growth [totally a huge KRW 60.56 trillion [€47bn/£41bn]), however this was mainly driven by sales of its mobile and IT offerings (such as the Galaxy S9 smartphone and memory chipsets).
Samsung is optimistic its fortunes will improve as it ramps up its presence in the high end sphere, with the release of 14 QLED offerings, as well as its foray into MicroLED with ‘The Wall’ and soon-to-be-released support for 8K.
Of course, it may be even be working on matching LG its own game in the OLED market in the long-term.