LG Display Q4 suffers from weak demand
January 30, 2023
By Chris Forrester
South Korean electronics giant LG Display (LGD) reported its worst-ever loss for Q4. LGD said that global demand for smartphones, computers and tablets and TVs remained depressed.
LGD reported a 876 billion Won (€651.9m) operating loss for the October-December 2022 period, compared with a profit of 476 billion Won in Q4 2021.
LGD said the loss was due to a continuous decline in mid-sized panel prices and a “high-intensity” effort to control inventory and reduce factory operations.
The LGD statement continued saying that sluggish demand from large European clients for higher-margin large organic light-emitting diode (OLED) TV panels, as well as laptop and monitor manufacturers further weighed against the firm’s revenues – which fell 17 per cent to 7.3 trillion Won.
In order to help weather the downturn, LG Display said in December 2022 that it is stopping production of liquid-crystal display (LCD) TV panels in South Korea. LGD has also offered voluntary leave of absence for a small number of domestic office workers as well as some production personnel.