LG Display (KRX: 034220) reported an operating loss of KRW 875.7 billion (US$ 712.8 million) in Q4 2022, missing market expectations.
Quarterly revenue was KRW 7.3016 trillion, down 12.5% year-on-year.
The company cited a weaker macroeconomic environment and inventory adjustments in downstream industries as factors for poor performance.
Annual revenue totaled KRW 26,151.8 billion, with an operating loss of KRW 2.85 trillion.
In response to the difficult market conditions, LG Display focuses on restoring financial stability through its “order-based business strategy,” which aims to operate investments, goods, and prices based on customer contracts.
The company aims to increase the share of the order-based business to 40% this year and 50% next year.
The company also plans to focus on high-value-added areas of demand-side business and strengthen product and cost competitiveness in the large OLED industry to ensure profitability.
In addition, the company will minimize capital expenditure, reduce inventory to a minimum, and make production flexible.
US$ 1 = KRW 1,228.62