LG Display announced its financial results for Q2 2022, with a net loss of around $290 million (down from a profit of around $320 million a year ago) as the company's sales dropped 14.6%.
LGD says that the loss was due to weak demand for TV and IT displays, coupled with supply chain issues and the lockdowns in China. LGD says it plans to continue and reduce its LCD TV business, and to stop LCD production in Korea in 2023, earlier than expected before. The company will focus instead on OLED TV panels and the automotive market, and will aim to open up new markets for transparent and gaming OLEDs.
In Q2 2022, LGD says that shipments of mobile OLED displays (P-OLED) have decreased due to seasonality. Shipments of OLED TVs continue to rise.
Last month we reported that supply chain issues are slowing down LG Display's OLED production expansion plans, and key components cannot be secured.
