LG Display swings to a loss as inflation puts brakes on pandemic-led demand
2022.07.27 08:14
FILE PHOTO: A man looks at LG Electronics’ TV sets, which are made with LG Display flat screens, at its store in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji
SEOUL (Reuters) – South Korea’s LG Display (NYSE:LPL) Co Ltd swung on Wednesday to a loss in the second quarter from a profit a year earlier, as inflation and rate hikes hurt demand for panels used in TVs and IT gadgets after several quarters of pandemic-fuelled sales.
The operating loss at the Apple Inc (NASDAQ:AAPL) supplier was 488 billion won ($371.49 million) for the April-June quarter, compared with a profit of 701 billion won in the same period last year.
This is the first time LG Display logged a quarterly operating loss since the second quarter of 2020. The loss was against an average forecast of a 343 billion won loss from 12 analysts polled by Refinitiv SmartEstimate.
($1 = 1,313.6400 won)
