LG Display posts 3rd consecutive quarterly loss on weak panel demand (updated)

LG DISPLAY

26/01/2023 22:59

(Adds revenue, background)
       SEOUL, Jan 27 (Reuters) - South Korean display panel
maker LG Display  034220.KS  on Friday posted its third
consecutive quarterly loss, as global demand for electronic
gadgets such as smartphones, computers and televisions remains
depressed amid an uncertain economic outlook.
    The Apple Inc  AAPL.O  supplier posted a 876 billion won 
($711.13 million) operating loss for the October-December
quarter, compared with a profit of 476 billion won in the same
period a year earlier. 
    It missed an average forecast of a 797 billion won loss from
10 analysts polled by Refinitiv SmartEstimate, which is weighted
toward analysts that are more consistently accurate. 
    Revenue fell 17% to 7.3 trillion won, LG Display said in a
regulatory filing. 
    Analysts forecast continued operating losses for the display
maker in the current quarter, as consumers cut back spending and
businesses slash jobs to ride out harder times.
    In order to weather the downturn, LG Display said last month
it is stopping production of liquid-crystal display (LCD) TV
panels in South Korea. 
    The display maker has also offered voluntary leave of
absence for a small number of domestic office workers as well as
some production personnel.   
($1 = 1,231.8400 won)
 (Reporting by Joyce Lee and Heekyong Yang; Editing by Lincoln
Feast.)
 ((joyce.lee@tr.com;))