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LG Display shrinks quarterly loss on Apple, Olympics demand
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LG Display shrinks quarterly loss on Apple, Olympics demand
Jul 24, 2024 10:43 PM

SEOUL, July 25 (Reuters) - South Korean flat-screen

maker LG Display ( LPL ) narrowed losses from a year earlier

in the June quarter as shipments of new panels for client Apple ( AAPL )

and TV panels before the Olympics improved

profitability, analysts said.

The Apple ( AAPL ) supplier posted an operating loss of 94 billion

won ($67.8 million) for the April-June quarter, beating an

estimate for a 308 billion won loss by LSEG SmartEstimate,

weighted toward analysts who are more consistently accurate.

The result also compares with a loss of 881 billion won a

year earlier.

"We are improving our performance and solidifying our

financial stability," CFO Sung-hyun Kim said in a statement.

"Although we expect ongoing uncertainty and volatility in

the market and external environment in the second half of the

year, we will continue to expand our business structure."

LG Display ( LPL ) beat expectations as Apple's ( AAPL ) new use of OLED

panels for iPads and earlier-than-usual OLED panel orders for

the iPhone Pro Max 16 for launch later this year helped buoy

results, analysts said.

Shipments of large OLED panels and liquid crystal display

(LCD) panels for TVs improved ahead of the Paris Olympics that

open this week, analysts added.

LCD panel prices also remained solid, with prices of 55-inch

LCD panels for TV sets rising 10% on-year in Q2, according to

data provider Omdia.

Investors are watching the potential sale of LG Display's ( LPL )

LCD plant in Guangzhou, China, for additional financial

stability.

LG Display ( LPL ) had posted six consecutive quarterly losses

before reporting a profit in the fourth quarter of 2023, then

returned to two consecutive quarterly losses as of April-June.

Revenue rose 42% to 6.7 trillion won.

($1 = 1,386.3900 won)

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