When all big companies are revealing their fiscal report of first quarter of 2017. LG has also released its earnings report for Q1, 2017. According to that report, LG Electronics Profit Increases $816 Million in Q1 2017.
LG Electronics Profit Increases $816 Million in Q1 2017
Net profit stood at 835.7 billion won ($737 million) for Q1, 2017 as compared to 198 billion won ($175 million )in Q1, 2016. No doubt, there is a significant year-over-year increase. The reason behind this growth is LG’s Home Appliance department. This department showed a 10% year-to-year increase with sales generating 4.64 trillion won ($40.9 billion).
Operating profit hit 921.5 billion won ($812 million) during 2017’s first quarter. This figure is quite up from 505.2 billion won ($445 million) in Q1, 2016. If we talk about LG’s Q4 2016 profit income, LG faced operating income and net profit 956.7 billion won ($843 million) and 1.1 trillion won ($970 million), respectively).
As per as LG’s Mobile Communications sales are concerned, there is 2% year-over-year increase. No doubt, this increase is due to the launch of the LG G6. Moreover, Smartphone shipments came in at 14.8 million units during the period, up 5% quarter-on-quarter and 10% year-on-year.
As we have told you earlier that Google is planning to offer $880 Million Investment in LG For Secure OLED Panels for Pixel Smartphones. But LG Still Undecided on Google OLED Investment. According to LG officials, the deal is not done yet.
According to the Electronic Times, Google is investing to get stable supply of OLED screens. Earlier last year, Google asked Samsung for AMOLED screens for its Pixel smartphones. Now Google has asked LG for OLED screens for its upcoming Pixel smartphones.