- LG Display Co.,Ltd LPL reported revenue for the fourth quarter of fiscal 22 Reject from 17% to KRW 7.30 trillion. Revenue increased 8% sequentially.
- LG Display saw panel shipments decline in the fourth quarter on deteriorating macroeconomic conditions as set makers’ inventory adjustments further impacted demand in the high-end product sector, which was solid.
- The operating loss was KRW (876) billion compared to a profit of KRW 476 billion a year ago due to a steady decline in mid-size module prices.
- EBITDA fell 87.3% year-on-year to KRW 209 billion.
- In terms of market-to-order business, which now accounts for 30% of sales, LG Display plans to expand its sales share to over 40% in 2023 and 50% in 2024.
- LG will continue to strengthen its position in automotive displays and continue to lead the mid-range OLED market as the surge in smartphone panel shipments in the second half of 2023 improves its market-to-order business.
- “Our pre-emptive move to reduce the company’s inventories in the fourth quarter is expected to improve our performance going forward, and quarterly earnings are also expected to improve as we continue to aggressively reduce our costs,” said Sung-hyun Kim, CFO and senior vice President at LG Display.
- Price promotion: LPL shares closed up 2.74% at $5.62 on Thursday.
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