In its preliminary financial results for the third quarter of 2024, LG reported that sales are expected to reach a record high of 22.18 trillion won, a 10.7 percent increase from the previous year, according to a regulatory filing.
The company attributed the profit decrease to a surge in ocean freight costs, which rose by approximately 58 percent year-on-year, along with increased marketing expenditures.
Despite these challenges, LG Electronics has maintained sales growth for four consecutive quarters since Q4 2023.
LG's Home Appliance & Air Solution division continued to expand its subscription-based services and diversify its product and price offerings across regions.
The Vehicle Solutions component business, while affected by slowing electric vehicle demand, maintained steady supply based on its substantial order backlog of around 100 trillion won.
The Home Entertainment division saw a gradual recovery in OLED TV demand in North America and Europe but continued to face pressure from high LCD panel prices.
The company plans to accelerate the growth of its highly profitable webOS content and services business by enhancing content competitiveness, expanding its ecosystem, and improving advertising capabilities.
For the Business Solutions division, LG aims to strengthen its tailored sales activities for vertical markets, expand its premium IT lineup—including AI PCs and gaming monitors—and continue investing in future technologies such as virtual production solutions.
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