LG Display announced on April 23 that first-quarter operating profit surged 338% to 146.7 billion won (US$99.8 million), marking its third consecutive quarterly profit, despite a 9% year-on-year revenue decline to 5.5 trillion won (US$3.76 billion), according to the company’s earnings report.
Financial Performance Summary
Quarter-on-quarter, both revenue and operating profit declined. However, EBITDA reached 1.1 trillion won (US$776 million). OLED products accounted for 60% of revenue, up 5 percentage points compared to the same period a year earlier.
Strategic Shift: LCD Exit and OLED Focus
LG Display’s improved profitability despite lower revenue reflects its strategic pivot away from large liquid crystal display (LCD) panels. The company exited the lower-margin LCD business, including the sale of its manufacturing plant in Guangzhou, China. This exit freed capital for expanded small and mid-sized OLED production.
The transition required significant investment. LG Display secured a 1 trillion won (US$680 million) loan from sister company LG Electronics, LG Group’s consumer electronics affiliate, to “raise the competitiveness of organic light-emitting diode (OLED) and secure operating funds.”
Apple Partnership and Supplier Diversification
LG Display’s mobile OLED capability has positioned it as a key supplier to Apple, which sought to diversify its OLED screen sourcing and reduce dependency on Samsung Electronics for iPhone displays. The relationship began with initial orders of approximately 2 million to 4 million OLED displays for iPhones. Apple subsequently invested US$2.7 billion in LG Display to secure OLED panel production for its 2018 iPhone models. This partnership has provided Apple with greater negotiating leverage in price discussions and reduced supply-chain concentration risk.
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