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LG Display Co., Ltd. (LPL)
After hours:
- Reuters
Wary shoppers muddy outlook for tech, auto firms in Asia
Asian tech firms from chipmaker Samsung to display panel maker LG Display warned of a sharp slowdown in demand for smartphones, TVs and gadgets as surging inflation and deepening concerns of a recession crimp consumer spending. Comments from top company executives in Asia, often called the world's factory, echo warnings from U.S. and European firms who say shoppers with lower incomes are skipping discretionary items and sticking to cheaper basics when buying everyday necessities amid global uncertainty, the crisis in Ukraine and the impact of China's COVID lockdowns. "As a downturn looms, consumption is expected to generally slow down except for essential goods," LG Display Co Ltd, a supplier of display panels to Apple and TV makers, said on Wednesday.
- Reuters
WRAPUP 1-Wary shoppers muddy outlook for tech, auto firms in Asia
Asian tech firms from chipmaker Samsung to display panel maker LG Display warned of a sharp slowdown in demand for smartphones, TVs and gadgets as surging inflation and deepening concerns of a recession crimp consumer spending. Comments from top company executives in Asia, often called the world's factory, echo warnings from U.S. and European firms who say shoppers with lower incomes are skipping discretionary items and sticking to cheaper basics when buying everyday necessities amid global uncertainty, the crisis in Ukraine and the impact of China's COVID lockdowns.
- Benzinga
LG Display Suffers 19% Revenue Decline In Q2 Due To China's COVID Lockdown, Demand Shrinkage
LG Display Co, Ltd (NYSE: LPL) reported a second-quarter FY22 revenue decline of 19% year-on-year to KRW 5.61 trillion. Operating loss was KRW (488) billion. The EBITDA decreased 62.6% Y/Y to KRW 662 billion. The company saw a decrease in panel shipments in the quarter due to China's prolonged COVID lockdown and a shrink in industry demand affected by the market's increasing macro volatility and uncertainties. China's lockdown had a particularly disruptive impact on set makers and partner compan
