LG Electronics reports its highest-ever revenue and operating profit in 2023, driven by strong business strategy adjustments and expansion in various sectors.
LG Electronics, a leading technology company from South Korea, announced record-breaking revenue of 87.74 trillion won (66.7 billion US dollars) in 2023, alongside an operating profit of 3.43 trillion won. According to Korea Times, the company's overall revenue has grown by over 10% annually over the past four years.
Despite external uncertainties, LG has maintained a strong foundation through business strategy adjustments, such as LG Subscribe and Direct-to-Consumer (D2C) services, which have driven growth beyond its core business. Expansion of B2B operations also contributed to the increased revenue. Although facing various challenges, LG's profitability remained stable. During the second half of 2023, rising global shipping costs and expenses for inventory optimization impacted profitability. However, the full-year financial results demonstrate strong qualitative growth, driven by portfolio restructuring. Household appliances, LG's core business, are projected to surpass 30 trillion won in revenue for the second consecutive year. Strategies like expanding product lines with AI technology and diversifying distribution through subscription services and D2C have fueled robust performance. Additionally, B2B growth remains stable, encompassing HVAC systems, built-in appliances, and component solutions. The company plans to expand LG Subscribe to markets like Thailand and India, beyond its existing presence in Korea, Malaysia, and Taiwan
LG Electronics Revenue Profit Business Strategy AI B2B Subscription Services D2C
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