This is classic. One headline blares “LG Display Gets Boost from Apple” while another trumpets “Slowdown in Apple orders weighs on LG Display’s first-quarter profit.” The former is from The Wall Street Journal and the latter from Reuters.
Miyoung Kim reports for Reuters out of Seoul, South Korea, which just incidentally happens to be the headquarters of Samsung, owners of South Korea.
Kim reports, “LG Display Co Ltd reported its smallest profit since it returned to the black in the second quarter of last year, as demand for iPhone and iPad screens from Apple weakened amid concerns the U.S. company is losing its luster in the mobile device market.”
“Apple Inc, which analysts say provides about 30 percent of LG Display’s revenue, is facing intensifying competition from Samsung and up-and-coming rivals. A disappointing forecast by a U.S. supplier to Apple last week heightened fears about slowing demand for the iPhone and iPad, pushing shares of Asian suppliers including LG Display sharply lower,” Kim reports. “The result was also a sharp improvement from a loss of 211 billion won a year earlier. But it was down 74 percent from the previous quarter, hurt by a seasonal slowdown in demand and by weaker sales to Apple, which is scheduled to report quarterly results on Tuesday.”
MacDailyNews Take: Seasonality, we understand. But where’s your proof that Apple caused LG Display’s post-holiday quarter to be less than the preceeding quarter, but higher year-over-year? Miyoung, we certainly hope your on-so-credible “report” isn’t just based on the opinion of some “analyst’s” estimate. Imagine if it was based on an “analyst” from Seoul, South Korea! Nah, Reuters would never allow that…
Kim reports, “Jay Yoo, an analyst at Korea Investment & Securities, estimated before the results announcement that LG Display’s panel shipments for the iPhone 5 and the latest iPad had fallen 42 percent and 66 percent, respectively, from the prior quarter as Apple struggles with slowing sales growth.”
MacDailyNews Take: Korea Investment & Securities. Based in Seoul, South Korea. Oh, so Jay “estimates” those figures, huh? Puleeze.
Kim reports, “On Tuesday, Apple is expected to report just an 8 percent increase in revenue for its fiscal second quarter, among the weakest showings in years, according to analysts’ estimates.”
MacDailyNews Take: Again, analysts “estimate” Apple to post “just an” 8% INCREASE year-over-year by selling high-end products in a sick worldwide economy.
Kim reports, “Still, analysts see earnings for LG Display improving in the coming quarters as Apple is expected to introduce upgraded products later this year, and as demand for mobile device screens from affiliate LG Electronics Inc increases”
MacDailyNews Take: Fifth sentence from the end of the Reuters hit-piece. Lede buried.
Samsung Securities analyst Harrison Cho expects Apple to introduce a less costly iPhone around July, helping LG Display improve its sales to Apple from June when initial parts shipments are expected to begin.
MacDailyNews Take: Yes, when we want credible, untarnished predictions about Apple’s future moves, we head directly for an “analyst” from Samsung Securities. Are you serious, Miyoung?
Kim reports, “LG Display said on Monday that it expects panel shipments will rise by 5 percent to 10 percent in the second quarter from the previous quarter.”
MacDailyNews Take: That was the final sentence of the report, which exists only to spread a negative headline and further blacken sentiment against Apple. We wouldn’t be at all surprised to find out that Samsung paid for it.
Reuters’ piece, and we do mean “piece,” here.
Under the headline, “‘LG Display Gets Boost from Apple,” Min-Jeong Lee reports for The Wall Street Journal, “LG Display Co. 034220.SE +2.18% swung to a net profit in the first quarter as tablet screen sales to Apple Inc. increased, and analysts said the South Korean display maker’s fortunes this year will be closely tied to demand for the U.S. company’s gadgets.”
MacDailyNews Take: The Journal doesn’t state where Lee is based. If in Seoul, congrats on remaining independent, or on missing the memo, or on not taking the check, Min-Jeong.
“LG Display, which counts Apple and LG Electronics as major customers, said Monday it logged a net profit of 3.5 billion won ($3.1 million) for the quarter ended March 31, against a year-earlier loss of 129 billion won,” Lee reports. “Analysts said LG Display is expected to generate about two-fifths of operating profit this year from sales to Apple, and it has to widen its client base for longer-term growth.”
Read more in the full article here.
MacDailyNews Take: This isn’t new. Reuters, as we pointed out in mid-January, should be regarded as a laughingstock with its blatantly obvious pro-Samsung and anti-Apple ridiculousness.
Apple shareholders should be incensed.
Related articles:
Daring Fireball’s Gruber on ‘ceding the crown’ – March 15, 2013
Apple shares drop below $500 after reported cuts in iPhone 5 parts orders – January 14, 2013
That is easy , check their bank accounts . U know what I mean .
Bipolar media dysfunction
During the 1950s the former Soviet Union engaged in propaganda campaign that became known as the “Big Lie”.
It didn’t matter how outrageous the lie was, the theory was that you said loud enough, and often enough, it would become “fact”. The Soviet Union never dessiminated these lies themselves, but rather had sympathetic and controlled “news” outlets in other countries repeat them.
What Samsung is engaged in is classic “Big Lie” propaganda. It’s aim is to cast doubt on iPhone popularity, and paint Samsung products as the cause of that so called decline.
It would appear that Samsung is willing to do ANYTHING to advance the Company, anything that is except pay the cost for its own innovation.
A good use for Apple money: buy Reuters, show the world samdungs treachery, and close Reuters down. Let them all go on unemployment.
Just goggle anything Miyoung Kim has written for Reuters on Apple and you will likely come to share my opinion that she is one of the biggest press shills for Samsung anywhere in the world. Reuters articles get picked up globally, and she s one of the key English-language financial commentators on Samsung from South Korea.
Historically, during the 1920s, large so-called ‘stock pools’ (today’s hedge funds) paid the press to write positive and negative things about stocks, essentially, to manipulate the market. Now, it seems that Samsuck is paying Reuters to drive Apple’s stock down.
So, If Apple inc. buy 30% of the production, the unsaid assumption is that LG and or other buyers take up the remaining 70% of production.
Fact is Pc sales based on Microsoft software have dropped rapidly with the uptake of iPad’s and so called tablet copycats. The major copycat is Samsung, therefor, if Samsung is not purchasing displays for their tablets from LG Display, LG Display’s customer base will certainly be affected.
If Apple inc. increases its order of displays from LG Display, LG Display will experience a rising profit margin despite slow sales to LG.
Ergo, LG is weighing down on LG Display.
Will all know by now that analysts in reality are only examining their anals. To imagine how this would look, view a wildlife clip of monkeys grooming each other, that is what the analytic departments of those so called financial papers look like!
Reuters in South Korea has mounted a sustained assault on Apple. These anti-Cupertino stories have become a regular occurrence from Reuter’s writers in this nation that is our Asian “ally”. I say the U.S. military should pull out of North Korea and let the North invade the South (and destroy the transportation, industrial and communications infrastructure in the process). Samsung intellectual property theft, infringement and dishonest marketing problems solved. ungrateful ally put in its’ place.
Well, obviously the progressive Euro Reuters is telling the real story while the WSJ simply has Koch on the brain (if I’m to believe the MSM, some politicians, and many, many posters here….).
How come Reuters has become a source of misinformation?
I don’t know how, but they’re doing it right across the board, although the Reuters anti-Apple agenda is getting beyond a joke.
Last week Reuters published the obituary of the financier George Soros while he remains very much alive and I’ve previously mentioned Reuters and their fictitious burning bunny story which was presented as a news story.
Andreuter is a Google extension of their popular pilfered operating system. Without actually buying the ‘news’ organization, Google has managed to buy the news itself with bribes via a second source: Samsung.
I am surprised that the anti-TC crowd hasn’t already jumped in and blamed him! But they WILL blame him if the stock goes down because of Reuters!
But, but… isn’t the claim to fame and relevance of established media that they are so much more reliable than amateurs (i.e. bloggers)?
Well, yeh… Many bloggers are stupid, ignorant, hypocritical, or all three. But the regular media seems no better. Some is great. Much is rubbish.
Wow, I am impressed at MDN on these takes! They were like a season professional boxer that was hooking and jabbing like the sweet science of Floyd Patterson. Not like the thug sluggers of today’s boxing.
At least when it comes to Apple new they should be taken with a with a grain of salt. Otherwise they are a reliable and serious news source.