• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

LG Display Reports Bigger Quarterly Losses On Sales Decline

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
October 26, 2022
in Uncategorised
Share on FacebookShare on Twitter

South Korean flat-screen maker LG Display Co Ltd reported a loss for the third quarter, the company’s second consecutive quarterly loss. The company also reported that it cut its budget as the macroeconomic challenges and rising inflation affected the demand for TVs and smartphones, and its business. 

The company noted that tech gadget makers made huge cuts to their inventory in Europe, which is an important sales region for organic light-emitting diode (OLED) TVs. The company also added the Russia-Ukraine war and energy crunch also affected its business. 

The company reported an operating loss of 759 billion won or $532.31 million for the third quarter compared to a profit of 529 billion won from the year-ago period. LG Display missed the average forecast of a 472 billion won loss from an analysts’ poll collated by Refinitive Smart Estimate.

In its regulatory filing, the company said that revenue declined 6 percent to 6.8 trillion won. It also announced plans to cut its 2022 investment budget by more than 1 trillion won and flexibly operate its OLED production lines to match demand.

The company said that it expects the sluggish demand for liquid crystal display (LCD) and OLED panels which affected shipments during the third quarter, to continue up to the second half of 2023.

The prices of 55-inch LCD panels for TV sets dropped 13 percent in the third quarter compared to the previous quarter, according to data from WitsView. According to Jeff Kim, an analyst at KB Securities, LCD panels stabilized in October as a result of production adjustments by panel makers. He, however, added that LG Display is expected to extend losses into the current quarter because of weak demand. 

In July, the company announced that it would stop the production of LCD TVs in South Korea by 2023. “Under the conservative stance that poor management performance may be prolonged…we will accelerate our exit from the LCD TV sector,” LG Display Chief Financial Officer Sunghyun Kim told analysts on Wednesday, without providing an updated timeline. According to a spokesperson, the company generated about 9 percent of its revenue from LCD TVs.

Related Posts:

  • Block Reports Quarterly Loss Induced By Crypto…
  • Xiaomi Reports Lower-than-expected Earnings Amid Covid And Chip Shortage Challenges
    Xiaomi Reports Lower-than-expected Earnings Amid…
  • Amazon Reports Impressive Results, Issues Positive Guidance For The Next Quarter
    Amazon Reports Impressive Results, Issues Positive…
  • Robinhood Reports Disappointing Quarterly Report, To Cut Its Workforce By 23 Percent
    Robinhood Reports Disappointing Quarterly Report, To…
  • Chinese Search Engine Titan Baidu Inc. Reports Impressive Quarterly Results
    Chinese Search Engine Titan Baidu Inc. Reports…
  • elon-musk-solar-roofs1
    Roku Shares Plunge 25 Percent After Earnings Results…
  • 5b8d7a3cab3a4f5f8447140a18fbd5f1
    Xpeng Reports Wider-than-expected Loss In The Third Quarter
  • Tesla's Rival Rivian Reports Impressive Second Quarter Results, Now Expects A Wider Loss For The Full Year
    Tesla's Rival Rivian Reports Impressive Second…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1 May 9, 2025
    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    May 9, 2025
    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok