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# LG electronics records 8% YoY revenue growth in Q3 2022
- URL: https://www.techloy.com/lg-electronics-records-8-yoy-in-q3-2022/
- Published: 2022-11-23T17:26:50.000Z
- Updated: 2022-11-23T17:26:50.000Z
- Author: Emmanuel Oyedeji
- Tags: / Insights, Business

South Korean company, LG Electronics has reported an 8% YoY growth in Q3 2022 revenue to reach ₩16.12 trillion (\~$12 billion) despite considerable macro headwinds.

This growth was largely driven by increased sales in its vehicle solutions and business-to-business segments. Quarterly gross profit rose 5% YoY to ₩5.05 trillion (\~$3.7 billion) while operating profit grew sharply by 33% YoY to reach ₩0.79 trillion (\~$585 million).

Revenue from the consumer electronics segment fell 1% YoY to ₩11.19 trillion (\~$8.3 billion) due to increased logistics costs and lower demand for premium products like TVs contributing to 69% of total revenue during the quarter.

![](https://storage.ghost.io/c/c1/a6/c1a6d111-d951-41ad-a392-c1e841210b93/content/images/2022/11/LG-Reveneu--1-.png)

Chart: [Emmanuel Oyedeji](https://www.techloy.com/author/emmanuel/) / [Techloy.com](https://www.techloy.com/)

Vehicle solutions were the best performer among all the segments. The segment’s revenue jumped 46% YoY to ₩2.35 trillion (\~$1.7 billion) during the quarter helped by the relative improvement in the global semiconductor supply chain and accounted for 15% of the company’s total revenue. 

Revenue from other businesses grew 23% YoY reaching ₩2.60 trillion (\~$1.9 billion). Despite an increase in sales, the profitability of this segment decreased by 63% due to lower demand for IT products and higher raw material costs.