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Samsung, LG Post Strong Q1 2024 Results Amid Challenges

Source: Dalle

SEOUL, South Korea - South Korean technology giants Samsung Electronics and LG Electronics reported robust first-quarter results despite ongoing market challenges and demand uncertainty.

Samsung's consolidated revenue reached about KRW 71 trillion ($52.5 billion), with an operating profit of about KRW 6.6 trillion ($4.9 billion). 

The company did not provide a breakdown of performance by business division, which will be announced later this month.

Meanwhile, LG Electronics posted its highest-ever first-quarter revenue of KRW 21.09 trillion ($15.6 billion) and an operating profit of KRW 1.33 trillion ($983 million), marking the fifth consecutive year it has surpassed the 1 trillion won threshold in the first quarter.

LG attributed its strong performance to innovative business models such as subscriptions and B2B expansion and its strategy of expanding product range and price coverage in response to the polarization of market demand. 

The company's home appliances, automotive components, and home entertainment businesses showed notable growth.