The second quarter financial results announced by LG Display of South Korea on the 27th of July showed an operating loss of 488 billion won ($ 371 million). Demand for panels used for televisions, etc. have receded due to high prices and rising interest rates.



In the same period of the previous year, it was in the black at 701 billion won. Home entertainment demand has boosted performance for several quarters under the epidemic of the new coronavirus.


The quarterly operating deficit has been higher than the average analyst forecast (343 billion won) compiled by Refinitiv since the second quarter of 2020.


Sales decreased by 20% from the previous year to 5.6 trillion won.


In the second quarter, China's prolonged lockdown (urban blockade) disrupted the supply chain, and growing uncertainty over the macro economy affected demand throughout the industry, resulting in lower panel shipments. did.


According to Witzview, a subsidiary of Trend Force, prices of 55-inch liquid crystal (LCD) panels for TVs fell about 12% quarter-on-quarter in the second quarter.


LG Display said it will accelerate its plans to reduce its TV LCD panel business and focus on high-end IT (information technology) products.