LG Display Suffers 19% Revenue Decline In Q2 Due To China's COVID Lockdown, Demand Shrinkage - LG Display Co (NYSE:LPL)

LG Display Co, Ltd 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 companies, leading to supply chain disruption.
In addition, the continuous decline in LCD panel prices contributed to the company's performance.
In its large-sized OLED business, LG Display will further strengthen its position in the premium market and accelerate new businesses in the Life Display sector.
Regarding the IT display sector, LG Display will focus on the premium market.
For the small-sized OLED business, the company will respond to the rising demand for smartwatches and supply new smartphone models in the year's second half.
For the automotive display sector, LG Display plans to offer differentiated solutions with the goal of exceeding 30% market share in the next three years.
LPL seeks to accelerate its plan to reduce its LCD TV panel business and concentrate more on high-end IT products.
Price Action: LPL shares traded higher by 0.61% at $5.76 on the last check Wednesday.