Helped by shipments for Apple’s new iPhone 12 family, South Korea’s LG Display on Thursday reported a profit for July-September, ending a six-quarter run of loss. Stay-at-home trends boosting panel demand for TVs and laptops also contributed to LG Display’s revenue.
Apple’s new iPhone 12 and iPhone 12 Pro models feature a new design and edge-to-edge Super Retina XDR displays, including the largest ever on the 6.7-inch iPhone 12 Pro Mac, protected by the all-new Ceramic Shield front cover, which provides the biggest jump in durability ever on iPhone.
LG Display painted a positive outlook for its sales to Apple, which would offset the suspension of sales to China’s Huawei as a result of U.S. sanctions.
LG Display posted a third-quarter operating profit of 164 billion won ($145 million) versus a loss of 437 billion a year earlier. That topped the 64 billion won expected by 17 analysts, Refinitiv SmartEstimate data showed. Revenue rose 16% to 6.7 trillion won, LG Display said in a regulatory filing.
LG Display, which supplies mobile OLED panels for Apple’s iPhone 12, said an expanded supply of mobile OLED panels to an identified strategic customer in North America, helped lift its earnings and it is using its full production capacity to respond to demand from the customer.
MacDailyNews Take: A rising tide lifts all boats!