LG Electronics Posts Record Revenue Despite Profit Decline

In a recent report, LG Electronics announced its third quarter results, showcasing record quarterly revenue despite a decline in operating profit due to rising expenses. This marks an impressive streak of growth, raising investor interest.

Date: 08-10-2024

AI Rating: 6

LG Electronics reported preliminary consolidated revenue of 22.17 trillion Korean won for the third quarter, achieving a record-high and continuing its trend of year-over-year revenue growth for four consecutive quarters. However, the company indicated that its operating profit for the quarter was 751.1 billion Korean won, which represents a decline compared to the same period last year. This downturn in profit is attributed to increased logistics and marketing expenses during the latter half of 2024.

For the first three quarters of 2024, LG recorded cumulative revenue of 64.96 trillion Korean won and an operating profit amounting to 3.28 trillion Korean won. The persistent revenue growth, despite some adverse effects on profit margins, suggests a positive long-term outlook, potentially attracting investor interest.

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