Earlier this week, LG Display revealed a new financial report, which saw the company turn over a profit for the period between July to September 2020. This marked the end of a six quarter streak of losses.
According to a Reuters report, the shipments made to Apple for their latest iPhone 12 series was a part of the reason for the positive growth. Furthermore, the new norm of working from home and staying indoors had also boosted the sales of various TVs, laptops, and other large screen devices that the company manufactures. The South Korean display maker is also expecting the panel shipments to rise along with sales in the current quarter as well.
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Apple’s new iPhone 12 series have apparently helped the company offset the suspension of sales to China’s Huawei, due to US sanctions. Notably, LG Display saw an operating profit of 164 billion won (roughly 145 million US Dollars) in the third quarter, which is in stark contrast to the 437 billion won loss from back in 2019. This figure also surpassed the estimated 64 billion won profit that was expected by analysts by a large margin.
The company’s overall revenue also rose by 16 percent to 6.7 trillion won, as per a recent regulatory filing. For those unaware, the OLED panels on the iPhone 12 lineup are from LG Displays, which is a huge deal considering it helps the company find a strategic partner in North America and will help lift its earnings while utilizing its full production capacity as well.
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