The Covd-19 pandemic has gone on to result in a large chunk of tech companies suffering from reduced shipments and of course an overall downturn in financial results. However, contrary to the suit followed by most companies, LG display has actually been taking advantage as it has gone on to report its first profitable quarter since Q4 2018.
Indeed the display manufacturer proceeded on to confirm its Q3 2020 results recently, and declared a revenue of $5.93 billion compares to $4.63 billion in the previous quarter.
LG display also went on to record an operating profit of $144.6 million as opposed to the $455.9 million loss that it suffered in Q2 2020.
So how has LG display managed to account for a profit in these testing times? Well, the display manufacturers specifically pointed towards the work-from-home trend during the pandemic, as well as a few other reasons : “The revenue increase of 27% quarter-on-quarter was driven by a continuous rise in panel shipments for IT products thanks to the growing trends of working from home and online schooling, as well as an increased supply of panels for new mobile products from strategic customers, strong global TV sales, and the start of full-scale mass-production at the company’s OLED panel production plant in Guangzhou, China.
LG display noted that displays related to “IT Services” accounted for 43% of the revenue during Q3 2020, and this was followed by “mobile and other devices (29%) and TV panels (28%).
It has been said that LG display is also aiming towards bigger and better prospects for the rest of the year, going on to claim that it expects shipments of large OLED panels to double in the second half of the year when compared to the first. This of course is due to the aforementioned OLED TV panel production plant.