LG Electronics has published the quarterly figures for the last quarter of last year and with them the figures for the whole of 2022. This shows that the turnover from the sale of televisions and soundbars has fallen. According to the company, this is due to the reduced demand.
LG Electronics at the announcement of financial results and a more detailed explanation no exact figures about the decreased sales figures, but it is clear that the turnover of LG’s Home Entertainment division has decreased. Where in 2021 this part still had an annual turnover of a total of 12.8 billion euros, in 2022 this remained at 11.7 billion euros. This section includes sales of OLED TVs.
The Korean manufacturer attributes this decline to geopolitical risks arising from the war between Russia and Ukraine and weaker consumer demand. The latter is due to concerns about the global economic downturn, according to LG. Profit in this division also decreased compared to 2021 due to increased marketing costs to be able to sell the existing inventory during the holiday season. LG believes that the economic headwinds and hence falling demand will continue this year.
LG did well across the board. Last year, the company achieved a total turnover that exceeded 59.5 billion euros for the first time; turnover increased by 12.9 percent compared to 2021. This was mainly due to the good results of the division that produces household appliances, including refrigerators and washing machines. The division responsible for automotive parts also contributed to the increased annual figures.
