LG’s 2020 financial report shows Mobile division is still burning cash

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The past weeks have been filled with mixed reports on LG’s future in the mobile sector and there’s clear reason why – LG Mobile is still operating at a loss. Today, the Korean tech conglomerate published its Q4 2020 financial report and the numbers show the Mobile division capped a loss of KRW 841.20 billion ($750.63 million) for the 2020 calendar year.

Operating loss for the October-December period alone was KRW 248.5 billion ($222.93 million) and marked LG Mobile’s 23rd consecutive quarter ending with a loss. The report notes stagnant sales of LG’s premium smartphones and shortage of 4G chipsets as the main problems. Smartphone sales brought in KRW 1.39 trillion ($1.24 billion), which is 9.2% lower than Q3 values but at the same time is up by nearly 5% compared to the same time last year.

LG Mobile Q4 2020 performance

Despite the rough financial situation, LG believes the push for 5G will lead to more demand for its smartphones as consumer demand is expected to return to pre-pandemic levels in 2021. The report also notes that LG will “closely review the direction of its mobile business” and will “share its business direction once determined”.

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