LG Electronics Inc.'s third-quarter net profit surged 88% from a year earlier, driven by brisk sales of televisions and home-appliance products.
Net profit jumped to 649.20 billion Korean won ($574.2 million), compared with KRW345.70 billion, the South Korean consumer-electronics giant said Friday. That beat a FactSet consensus forecast for net profit of KRW451.25 billion.
Revenue rose 7.8% to KRW16.920 trillion, while operating profit jumped 23% to KRW959.00 billion.
The company said sales at its segment covering home appliances and air solutions surged 16% during the quarter, while those at its home-entertainment segment, which include TVs, jumped 14%.
Extended stays at home and government subsidies amid the pandemic have been driving demand for home appliances and TVs, according to market analysts.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
October 30, 2020 at 03:46PM
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LG Electronics net profit surges 88% - MarketWatch
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