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LG Electronics' TV business returned to profitability in the first quarter thanks to a recovery in demand in Europe and the growing popularity of streaming services.
For the entire January-March quarter, the South Korean electronics maker recorded 21 trillion won in revenue and 1.33 trillion won in operating profit.
Revenue was the highest yet for the first quarter, while operating profit fell slightly from a year earlier amid a global economic slowdown, LG noted.
Sales of household appliances contributed the lion's share of profit with 940.3 billion won and a margin rate of 10.9 percent, an impressive double-digit rate for sales of refrigerators and washing machines.
TV sales also contributed 132.2 billion won, a return to profitability from the previous quarter for the business unit which suffered from weak consumer demand last year.
LG said demand for TVs was recovering in Europe and its revenue from the business rose 4.2% thanks to the launches of its new 2024 TV models.
The return to profits was attributed to the popularity of its streaming service and the content available on its webOS platform on televisions.
LG expects demand for TVs to continue to recover throughout the year and expects high sales of OLED and QNED TVs as well as high-end gaming monitors.