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.
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.