LG has announced its financial results for 2017.
LG Electronics, the company’s largest division, experienced an increase of 10.9 percent from the previous year. According to LG, the overall company saw its highest profit since 2009, amounting to KRW 2.47 trillion (about $2.85 billion CAD).
While LG Electronics’ numbers were altogether positive, the company’s mobile division did not do as well — LG’s mobile division saw losses again this quarter. LG earned mobile revenues of KRW 3.07 trillion ($3.56 billion CAD) for all of 2017. While this number is high, the company experienced quarterly operating losses of KRW 213.2 billion ($247 million CAD).
LG’s mobile division has not been doing well for the past few quarters and even with the launch of the V30 in Q4, the company still suffered a loss. This past November LG assigned a new CEO and CTO to its mobile division.
It’s evident some changes are happening within the company, as the CEO Jo Seong-jin ordered the halt of development of the LG G7, according to The Investor. Some reports even mention that LG will completely re-brand its flagship G-series. Other leaks claim the next LG flagship will not see the light of day until April 2018, putting the device further behind Samsung’s Galaxy S9.
LG’s recent premium devices, the LG V30 and the LG G6, have both seen an uptick in positive reviews compared to the poorly received LG G5. Nevertheless, against strong competition from Samsung, Google and Apple, the company’s mobile division failed to stay in the green.
To read the full financial report click here.