On Thursday, Apple Inc. supplier LG display Co. Ltd. said it expects to see a vast improvement in the upcoming months. This improvement has been expected after the launch of the iPhone, which has boosted smartphones’ sales despite pandemic and operational loss in several telecom brands.
On this, Chief Financial Officer and Senior Vice President, Suh Dong-hee said- “Considering the prolonged COVID-19 pandemic, it is true that the macroeconomic environment is still not favourable. However, we observe that the worst is over,” Source: Gadgets Now.
Recently, the South Korean panel maker shared an update stating that its sixth quarter of losses began after the retail stores shut down due to pandemics.
The overall loss in between April-June extended to 517 billion. In the last year, the total loss was 369 billion.
A Seoul-based Analyst at Cape Investment & Securities, Park Sung-Soon said- “LG would likely see an uptick in performance in the second half of the year as it will be supplying OLED panels for iPhone 12, but fresh COVID-19 cases, especially in North America, and possible new lockdowns is casting a shadow over the outlook,” Source: Gadgets Now.
Disclosing the overall loss rate this year, the company said that the revenue fell 1% to a total of 5.3 trillion won.
The company (LG Display Co. Ltd.) said that a considerable extent in online education and work from home preferences has helped to strengthen IT products’ sales, including- tablets, laptops, and monitors. However, the promotions could not be converted into real-time sales as the shoppers have been staying at home for a long time. With this, the company is starting with mass production in the upcoming months of 2020.
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Source: Gadget snow