LG’s Q4 profits jump 84%, still misses expectations (Update: Full 2017 earnings report) flash alert on call sms pro 2

Update (01/25): LG has released a full breakdown of its 2017 financial results including figures for Q4. As expected, LG’s mobile division posted operating losses for an eleventh straight quarter. The total loss came in at 213.2 billion won ($192 million), which is slightly higher than analyst estimates, but also far lower than losses in Q3 2017. LG cited strong sales of the LG V30, other premium phones, and “business structure” changes for the improvement.

While LG’s mobile division continues to struggle, the wider company is booming. Not only did LG acheive a record full-year revenue of 61.4 trillion won ($55.4 billion), its profits soared to 2.47 trillion won ($2.24 billion) – a massive 85% increase compared to 2016.

You can read LG’s full statement here.

Original story: LG reported its quarterly earnings on Monday. Sales are up an estimated 14.8 percent,  to 16.9 trillion won ($15.8 billion), and operating profit is estimated to be 366.6 billion won ($343 million). That’s an 84 percent increase in earnings, after a Q4 2016 loss of 35.2 billion won ($33 million). Profits still fell short of the 471 billion won ($440 million) industry experts estimated.

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Despite a weaker-than-expected fourth quarter, 2017 marked the second highest operating profit in LG’s history. The South Korean tech giant reported an operating profit of 2.4 trillion won ($2.2 billion) for 2017, up from 1.3 trillion won ($1.22 billion) in 2016. It fell just short of its 2009 numbers when it posted an operating profit of 2.6 trillion won ($2.4 billion). 2017 was also the first year it broke the 60 trillion won sales mark in a single year, coming in at 61.4 trillion won ($57.4 billion).

The increase in profits and sales are likely due to LG’s success in the OLED television market and in high-end appliances, according to analysts. LG didn’t offer a net profit for Q4 or a breakdown for each segment of its business. Those numbers will likely be released when LG finalizes its earnings later this month.

Analysts predict a 10 percent increase in sales for LG’s mobile division due to the V30 and Q lineup. However, it appears the division still lost money. Predictions point toward a loss of about 200 billion won ($187 million). LG seems to be doing everything it can to turn it catch up with rivals like Samsung. It recently replaced its mobile chief, and we’ve seen rumors of a rebranding for the G series. If the predictions come true be, LG’s mobile division will have lost money for 11 consecutive quarters.

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