LG’s losses exceeded analysts’ expectations, amounting to $823 ‎million in Q1‎

Profits of “LG Display” fell to 1.1 trillion won, or 823 million dollars, due to its operating loss in the period from January to March, compared to a profit of 38 billion won, or about 28.5 million dollars, in the previous year.

According to “CNN”, the loss of “LG Display” exceeded the expectations of 18 analysts polled by “Refinitiv Smart Estimate”, who said that the loss of the South Korean company is likely to reach 660 billion won, or about $ 494 million. ..

Revenue also shrank by about a third, to 4.4 trillion won, or $3.3 billion.

The company said that manufacturers of electronic devices tended to rely on their stocks during the first quarter, due to lower demand

“We are now at our lowest level in the first half, and we plan to make a turnaround in the second half of the year as the industry restores the size of its inventories,” said Chief Financial Officer Sung Hyun Kim.

LG Display plans to increase the volume of production based on pre-order, to account for more than 70 percent of its sales over the next few years, in a move aimed at curbing dependence on short-term sales and mitigating fluctuations.