Source: Android Central
What you need to know
- LG's operating profit increased to KRW 1.09 trillion ($921.47 million) in Q1 2020.
- The company's 7.4 percent operating margin during the quarter was the highest in its history for a first quarter.
- Consolidated revenue, however, declined slightly compared to the same period a year earlier.
Just like its compatriot Samsung, LG today announced its financial results for the first quarter of the year. Despite the effect of COVID-19 towards the end of the quarter, LG posted an operating profit of KRW 1.09 trillion ($921.47 million) during the quarter, a 21.1 percent increase over the same period last year. LG also achieved a 7.4 percent operating margin in the first quarter of 2020, the highest in its history for a first quarter.
While operating profit increased year-on-year, LG's consolidated revenue of KRW 14.73 trillion ($12.45 billion) was slightly lower compared with the same period last year. The increase in net profit was driven mainly by strong sales of its home appliances and TVs. The Home Entertainment business saw operating income rise by 31.7 percent year-on-year due to expansions of premium products such as OLED and NanoCell TVs.
LG's smartphone division reported sales of KRW 998.6 billion ($843.9 million) in the first quarter, while operating loss narrowed down to KRW 237.8 billion ($200.96 million). Smartphone sales dipped by 34 percent compared to Q1 2019, mainly due to "supply disruptions from Chinese partners. To buffer the effect of COVID-19 on the business, LG is focusing on increasing production and marketing efficiencies to decrease costs. It remains to be seen if the new design philosophy that it will introduce with the Velvet 5G next month can help boost smartphone sales in the second half of the year.
Review: 4 months later, the Nest Audio is still a smart speaker champ
About four months after its release, the Google Nest Audio is still standing strong as one of the best smart speakers currently available. If you haven't picked one up yet, now's a great time to do so.
Why don't we see any more pop-up selfie cameras?
Pop-up selfie cameras defined 2019 phones, but the trend fizzled out shortly thereafter. Here's why you don't see many phones with pop-up selfie cameras anymore.
Jetpack Compose will breathe new life into tablet and big-screen apps
Tired of apps looking really bad and sometimes not working on your big screen devices? This new tool from Google can help developers fix things!
The LG Velvet is stunningly gorgeous, so get a case to keep it that way
It can be tough to find a great case for a new phone, especially one with a unique and wonderful design like the LG Velvet. But thankfully, there are a lot of solid choices out there and these are our favorites to keep your LG Velvet safe from when life happens.