A loss of 2.83 billion yuan! The panel giant publishes data

LG Display announced on January 15 that in 2024, the company's sales were 26,615.3 billion won (equivalent to 134.14 billion yuan) and its operating loss was 560.6 billion won (equivalent to 2.83 billion yuan). Sales increased 24.8% from 2023, and operating losses decreased 77.7%.
"Sales increased from the previous year due to progress in our OLED-focused business structure, and we improved our profit and loss and narrowed our deficit through structural cost reduction activities and operational efficiency," LG Display explained. This was analyzed as the impact of expanding the supply of small and medium-sized panels for IT and smartphones. In the first half of the year, the supply of OLED panels to Apple's iPad Pro for the first time, and the supply of OLED panels to the iPhone 16 series in the second half of the year increased from last year. In particular, the iPhone OLED was delivered on schedule for the first time in several years, and the new product launch effect was remarkable. As of the third quarter of last year, OLED accounted for 58% of sales. LG Display expects sales of 7,8328 trillion won (39.48 billion yuan) and operating profit of 83.1 billion won (420 million yuan) in the fourth quarter of last year. Compared with the same period last year, sales were up 5.9% and operating profit was down 37%. The turnaround in just four quarters was helped by an increase in the supply of OLED panels for Apple's iPhone 16 series, which was released last September, compared with the previous year. The industry forecasts that LG Display will make a profit every year from this year. The last annual surplus was recorded in 2021.