- LG Display recorded its first profitable quarter since the fourth quarter of 2018.
- The company attributed the results to the home shift.
The COVID-19 pandemic has resulted in lower shipments and lower financial results for many tech companies. But LG Display appears to have resisted this trend by actually marking its profitable first quarter since Q4 2018.
The display maker today confirmed its third quarter 2020 results, reporting sales of 6.73 billion Korean won (~ $ 5.93 billion), compared to 5.3 trillion won (~ $ 4.63 billion) in the previous quarter and 5.8 trillion won (~ $ 5.1 billion) a year ago.
LG Display also reported operating profit of 164 billion won (~ $ 144.6 million), compared with a loss of 517 billion won (~ $ 455.9 million) in Q2 2020 and a loss of 436. billion won (~ $ 384.5 million) in Q3 2019.
The display maker specifically highlighted the trend of working from home during the pandemic, along with a few other reasons:
The 27% quarter-on-quarter increase in revenue was driven by a continued increase in panel shipments for IT products thanks to growing trends in work from home and online education, as well as an offering increased panels for customers’ new mobile products, strong global TV sales and the start of large-scale mass production at the company’s OLED panel production facility in Guangzhou, China.
The firm noted that displays for “computing devices” accounted for 43% of revenue in the third quarter of 2020, followed by “mobile and other devices (29%) and TV panels (28%).
LG Display is also aiming high for the rest of the year, saying it expects shipments of large OLED panels to double in the second half of the year compared to the first half. This is due to the aforementioned OLED TV panel production plant.
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