South Korea's LG Display Co Ltd on Wednesday posted a better-than-expected second-quarter profit as pandemic-led demand for TVs and laptops drove ...
South Korea's LG Display Co Ltd on Wednesday posted a better-than-expected second-quarter profit as pandemic-led demand for TVs and laptops drove up panel prices, pushing its shares up as much as 4.2per cent in morning trade.
The display maker, whose customers include Apple Inc, reported an operating profit of 701 billion won in the April-June quarter, beating an average analyst forecast of 599 billion won from Refinitiv SmartEstimate. Revenue rose 31per cent on-year to 7 trillion won.Prices of LG Display's mainstay 55-inch liquid crystal display panels for TV sets more than doubled in the April-June quarter from the same period a year earlier, according to market data from TrendForce's WitsView.
As well, vaccinated people around the world are venturing outdoors and watching less TV, prompting TV makers to take a conservative view on demand and lower panel procurement levels, analysts said. Apple on Tuesday said a global chip shortage that has bit into its ability to sell Macs and iPads will start to affect iPhone production and forecast slowing revenue growth.
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