Q2 2024 LG Uplus Corp Earnings Call Transcript
Key Points
- Service revenue grew by 1.6% on a consolidated basis and 2.1% on a stand-alone basis year over year.
- Total mobile subscription count increased by 25.6% year over year, with 5G subscriptions accounting for 67.7% of handset subscriptions.
- Q2 marketing spend fell by 3.3% year over year due to effective cost savings from digitalization efforts.
- Internet revenue increased by 6.5% year over year, driven by solid GiGA Internet growth.
- Enterprise Infrastructure business showed balanced growth across all segments, with IDC business posting a 15% year-over-year growth.
- Consolidated operating profit for Q2 was down 11.8% year over year.
- Net profit decreased by 22.8% year over year.
- IPTV revenue declined by 0.6% year over year.
- The company faces challenges in maintaining growth momentum in the highly competitive telecommunications market.
- The financial impact and utilization rate of the new data center in Pardus are still under review and not yet fully disclosed.
(spoken in foreign language) Good afternoon. I am Sung Hyunmo, Head of IR at LG U+. Thank you very much for joining our second-quarter 2024 Earnings Presentation. Please refer to the second quarter earnings presentation, which we've previously circulated and note that revenue breakdown of each business and details of operating expense are on the basis that excludes LG HelloVision for the benefit of ease of comparison.
And also as a disclaimer, all of the projections we are providing today may change. Subject to macro economic backdrop, we will also be providing consecutive interpretation for the benefit of our overseas investors. We will first begin with our second quarter performance highlights, which will be followed by a Q&A.
With that said, I will turn it over to our CFO, Yeo Myeong-Hui, who will run through our second quarter 2024 earnings and business results.
(spoken in foreign
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