Rising Panel Prices Steers LG Display To A Strong Q1 Profit
COVID-19 has worked out quite well for LG Display’s bottom line, as increased demand for laptops and televisions has seen panel prices — and LG’s profits — rise in the Jan-March quarter, the company’s third consecutive quarterly profit.
The display maker can credit the prolonged ‘at home’ period for the rise in sales, as seen by comparing their US$470 million Jan-March 2021 profits to their first quarter 2020 operating loss of US$ 326 million. It’s quite the turn around, and the start of the profitable period coincides with the start of the April 2020 COVID lockdowns.
LG Display are the display supplier to Apple Inc. whose revenue for the Jan-March quarter was up an incredible 54 per cent year-over-year, with strong hardware sales (again, due in part to COVID changing people’s day-to-day habits) being credited for the hefty results.
Surprisingly, despite the strong quarterly returns, LG Display’s stock was down 2.54 per cent at the close of business yesterday.