Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Dazz Cloud Security Remediation Platform Now Available on Google Cloud Marketplace

    September 19, 2023

    Eviosys Announces Further Investment in Spain and Portugal, Supporting Market Growth

    September 15, 2023

    HFR Supplies Private 5G for the ‘Metaverse-Based Industrial Advancement Project’ in Sacheon Aviation Complex

    September 12, 2023
    Facebook X (Twitter) Instagram
    Angola ReportAngola Report
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Angola ReportAngola Report
    Home » Due to sluggish device sales, LG Display posts a larger-than-expected Q3 loss
    Technology

    Due to sluggish device sales, LG Display posts a larger-than-expected Q3 loss

    October 26, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    The South Korean flat-screen maker LG Display Co Ltd reported its second straight quarterly loss and reduced its investment budget as soaring inflation and a gloomy economic outlook weighed on sales. Reuters reports that the Apple Inc supplier posted an operating loss of 759 billion won ($532.31 million) for the September quarter.

    Due to sluggish device sales, LG Display posts a larger-than-expected Q3 lossAccording to Refinitiv SmartEstimate, 12 analysts had forecast a 474 billion won loss for the company. In a regulatory filing, LG Display said revenue fell 6% to 6.8 trillion won. OLED production lines will be operated flexibly to meet demand by cutting its investment budget by over 1 trillion won in 2022.

    According to the company, sluggish demand for LCD and OLED panels will persist through the second half of next year as well, dragging down shipments. According to TrendForce’s WitsView, prices of 55-inch LCD panels for TV sets fell 13% from the previous quarter. In October, LCD panel prices stabilized thanks to production adjustments by panel makers. However, KB Securities analyst Jeff Kim expects LG Display to extend losses into the current quarter due to weak demand.

    As of next year, LCD TV production in South Korea will cease, the company announced in July. “With the conservative view that poor management performance may persist…we will accelerate our exit from the LCD TV sector,” LG Display Chief Financial Officer Sunghyun Kim told analysts. Due to rising inflation and interest rates, LG Display has been in the red since the second quarter, when it posted its first quarterly operating loss in two years.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    AI drives MENA Newswire’s entry into Saudi digital media

    September 8, 2023

    Space economy to hit $1 trillion milestone in a few years

    September 5, 2023

    iPhone shipments to surpass Samsung in 2023, says renowned analyst

    September 4, 2023

    India’s Chandrayaan-3 achieves remarkable moon landing at lunar south pole

    August 24, 2023
    Latest News

    From India to Brazil, leadership transition marks G20 Summit’s conclusion

    September 11, 2023

    African Union Inducted into G20 on India’s Initiative

    September 9, 2023

    Biden and Modi cement ties as India ascends global stage

    September 9, 2023

    UN calls for greater female representation in police forces worldwide

    September 8, 2023

    Digital work revolution sees the world’s gig economy expand by 12 percent

    September 8, 2023

    AI drives MENA Newswire’s entry into Saudi digital media

    September 8, 2023

    ASEAN Summit in Jakarta sees PM Modi advocating India’s growing global impact

    September 7, 2023

    Air Canada faces backlash as passengers evicted for refusing vomit-soaked seating

    September 7, 2023
    © 2023 Angola Report | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.