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LG Display posts 5th consecutive quarterly loss
© Reuters. FILE PHOTO-A woman looks at LG Electronics’ organic light-emitting diode (OLED) TV sets, which are made with LG Display flat screens, at its store in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji/File Photo
SEOUL (Reuters) – South Korea’s LG Display (NYSE:) on Wednesday posted its fifth consecutive quarterly loss as weak seasonal demand for mobile display panels was compounded by continued weakness in premium TV demand in its key market Europe.
The Apple Inc (NASDAQ:) supplier posted an 881 billion won ($689 million) operating loss for the April-June quarter versus a 488 billion won loss in the year-ago quarter.
The result was in line with a forecast of an 889 billion won loss from 16 analysts polled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. It had reduced losses from the first quarter’s 1.1 trillion won.
Revenue fell 15% from year earlier to 4.7 trillion won.
Mobile display panel orders are concentrated in the second half of the year, when panels for Apple’s smartphones are produced before the holiday season.
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