S. Korea's LG Electronics posts biggest Q3 earnings
Source: Xinhua | 2020-10-09
LG Electronics, South Korea's tech giant, announced on Thursday the biggest third-quarter earnings this year.
Preliminary figure for operating profit amounted to 950 billion won (823.9 million U.S. dollars) in the July-September quarter, up 22.7 percent from a year earlier.
Revenue grew 7.8 percent over the year to 16.92 trillion won (14.7 billion U.S. dollars) in the third quarter.
Both revenue and operating profit marked the biggest third-quarter reading in the company's history, the company said.
The third-quarter profit beat market expectations of about 850 billion won (737.2 million U.S. dollars).
The better-than-expected earnings were attributed to a partial recovery in global demand for consumer electronics, such as TVs, following the downturn from the COVID-19 outbreak across the world.
The COVID-19 pandemic increased the online sale, contributing to the lower marketing cost.
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