Apple display supplier LG records fifth straight quarterly loss
What you need to know
- Apple display supplier LG has reported its fifth consecutive quarterly loss.
- In Q1, it lost $294 million and revenue fell by 20%.
- LG plans to halt domestic production of LCD TVs by the end of 2020, in a bid to stop the bleeding.
Apple display supplier LG has recorded its fifth consecutive quarterly loss.
As reported by Reuters:
In a statement, LG said, "we expect volatility in demand to increase down the road, as industry sectors are impacted by the COVID-19 outbreak." It says that it expects this will "inevitably linger" however LG remains hopeful that stay-at-home orders may drive demand for IT products.
Nasdaq further reports that analysts have pointed to a glut in the supply of LCD panels as rivals return to production. The report notes that LG, like Samsung, plans to end the production of LCD panels by the end of the year.
Whilst this is the fifth quarterly loss in a row for LG, the report points to a slump in demand for smartphones and televisions driven by the coronavirus pandemic as the prime factor behind the most recent quarter's downturn.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9