FILE PHOTO: A man walks out of the headquarters of LG Display in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak/File Photo
SEOUL (Reuters) – LG Display Co Ltd, a South Korean Apple Inc supplier, reported on Thursday its fifth straight quarter of operating losses, hit by slumping demand for smartphones and televisions due to the coronavirus pandemic.
The operating loss for the first quarter ended March widened to 362 billion won ($294.70 million) from a loss of 132 billion won a year earlier, and compares with a Refinitiv SmartEstimate drawn from 19 analysts for a 390 billion won loss.
LG Display’s revenue fell 20% to 4.7 trillion won.
“We expect volatility in demand to increase down the road, as industry sectors are impacted by the COVID-19 outbreak. The difficult situation will inevitably linger, although it is expected that demand in IT products will grow due to stay-at-home orders and consequent surge in online activities,” LG said in a statement.
Analysts say although…
Source Reuters Tech News
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