LG Display

SEOUL, Korea (Apr. 25, 2024) – LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending March 31, 2024.

- Revenues in the first quarter of 2024 decreased by 29% to KRW 5,253 billion from KRW 7,396 billion in the fourth quarter of 2023 and increased by 19% from KRW 4,411 billion in the first quarter of 2023.
- Operating loss in the first quarter of 2024 was KRW 469 billion. This compares with the operating profit of KRW 132 billion in the fourth quarter of 2023 and with the operating loss of KRW 1,098 billion in the first quarter of 2023.
- EBITDA profit in the first quarter of 2024 was KRW 810 billion, compared with EBITDA profit of KRW 1,272 billion in the fourth quarter of 2023 and with EBITDA loss of KRW 80 billion in the first quarter of 2023.
- Net loss in the first quarter of 2024 was KRW 761 billion, compared with the net income of KRW 51 billion in the fourth quarter of 2023 and with the net loss of KRW 1,153 billion in the first quarter of 2023.

LG Display recorded KRW 5.253 trillion in revenues and KRW 469 billion in operating loss in the first quarter of 2024.

Revenues fell quarter-on-quarter due to slow seasonality but rose 19% year-on-year as shipments of panels for TVs and monitors expanded and mass production of OLEDs for IT devices began.

Meanwhile, LG Display reduced its losses compared with the same period last year by continuously advancing its OLED-centered business structure and implementing intense cost-reduction activities.

Panels for TVs accounted for 22% of revenues in the first quarter. Panels for IT devices, including monitors, laptops, and tablet PCs, accounted for 40%, while panels for mobiles and other devices accounted for 28%, and panels for automobiles accounted for 10%.
LG Display plans to expand the proportion of high value-added products in all areas of its business, including TV, IT, mobile, and automotive panels, while continuing efforts to improve its cost structure and operational efficiency, and focusing on strengthening its business performance and earnings.

Regarding the large-sized OLED business, LG Display is aiming to solidify its OLED leadership position in the premium TV market. In order to achieve this goal, the company will expand its customer base centered around ultra-high definition and ultra-large-sized OLED TV panels featuring “META Technology 2.0,” which increases screen brightness by about 42% compared with conventional OLED TV panels. It will also expand its portfolio of high value-added products such as gaming monitors and deploy cost innovation efforts.

In the small- and mid-sized OLED business, mass production of OLED panels for IT devices has been carried out without a hitch based on LG Display’s stable supply capabilities and technological leadership through innovations such as Tandem OLED technology with excellent durability and performance including long life, high luminance, and low power consumption. In the case of OLED panels for mobile devices, the company plans to grow shipments by actively utilizing its expanded production capacity and continue to increase its market share in the high-end market.

In the automotive display business, LG Display will maintain efforts to strengthen its status as the world's leading company by expanding its customer base and growing orders and sales based on its competitive advantages in differentiated products and technologies such as Tandem technology-based P-OLED, Advanced Thin OLED (ATO), and high-end LTPS LCDs.

"Despite the continued uncertainty and volatility of the market and external environment, we will increase the proportion of high-end products and focus our company's capabilities on improving our cost structure and enhancing operational efficiency to strengthen our business competitiveness as well as future business base and secure a stable profit structure," said Sung-hyun Kim, CFO and Executive Vice President at LG Display.

SEOUL, Korea (Apr. 23, 2024) – LG Display, the world’s leading innovator of display technologies, announced today that it has developed the first-ever Gaming OLED panel with a switchable refresh rate and resolution. The company has begun mass production of the 31.5-inch panel this month, accelerating its push into the high-end gaming display market with new concept products.

This groundbreaking Gaming OLED panel allows users to freely choose between a high refresh rate (FHD∙480Hz) and a high-resolution mode (UHD∙240Hz) depending on the content. 

In high refresh rate mode, users can enjoy games where speed and screen changes are particularly important, such as first-person shooter (FPS) or racing genres. Switching to high-resolution mode offers an exceptionally immersive experience watching movies with rich visual effects or high-definition 4K content. By comparison, conventional panels have a fixed resolution even when the refresh rate is changed, limiting their versatility for multiple applications.

Refresh rate refers to the number of images displayed on a monitor per second, while resolution represents the number of pixels that a screen can show. The higher the refresh rate, the smoother and sharper the images appear even during fast screen transitions, while a higher resolution enables more precise video and image quality. 

LG Display’s advanced solution is Dynamic Frequency & Resolution (DFR), its own independently developed new technology. With the arrival of DFR, users can choose which to prioritize between refresh rate and resolution by adjusting the image processing speed. IT has been applied for the first time with LG Display's 31.5-inch Gaming OLED panel.

The company’s Gaming OLED panel is also equipped with other LG Display technologies to enhance its immersive experience. These include META Technology 2.0 based on the company's Micro Lens Array (MLA) innovation, which maximizes the emission of light from organic materials to elevate image quality. Also, Thin Actuator Sound technology, which directly generates sound from the screen without a separate speaker, has been adopted to provide more vivid sound. 

LG Display plans to supply its new 31.5-inch Gaming OLED panel to global gaming gear brands, starting with LG Electronics. The company is accelerating its expansion into the high-end gaming display market from this year with a full lineup of Gaming OLED panels spanning 27, 31.5, 34, 39, and 45 inches.

Unlike LCDs, which require backlighting, the company’s Gaming OLED panels are self-emissive, enabling each pixel to produce perfect blacks and lifelike image quality. With an ultra-high refresh rate (480Hz), they also have the fastest response time (0.03ms) of any panel on the market. 

Moreover, Gaming OLEDs have less potential to cause eye fatigue than LCD screens even during long gaming sessions, as they emit half the amount of blue light and produce no headache-associated flicker.

"We will create new customer value with OLED's differentiated technologies - such as by offering perfect blacks, fast response times, and ultra-high refresh rates - and strengthen our leadership in the high-end gaming display market," said Won-seok Kang, Vice President and Head of the Large Display Product Planning Division at LG Display.

SEOUL, Korea (Feb. 25, 2024) – LG Display, the world’s leading innovator of display technologies, announced today that its OLED TV and Transparent OLED displays have received one eco-friendly certification after another from global verification institutions, as the company further reduced the use of plastics while ramping up the use of recycled materials.

Through these latest certifications, OLED’s all-round technological leadership has been recognized for superb eco-friendliness on top of innovative picture quality, as proven by the company’s latest OLED TV panels with new ‘META Technology 2.0’ along with the world’s only Transparent OLEDs.

UL Solutions, a global independent safety science company, has granted its ‘Low Plastic Content’ verification to all of LG Display's OLED TV and Gaming OLED panels. Representing a first for display panels, this verification is only granted to products with plastic contents of less than 5% of a product’s total weight.

When measured internally, LG Display’s 65-inch OLED TV panel’s plastic content rate was found to be approximately 4% of the total weight, representing more than 90% less plastic usage than LCD TV panels of the same size.

Unlike LCD panels, the company's OLEDs do not require a backlight unit to emit light behind the screen, as each pixel in an OLED display emits light on its own. Moreover, OLED panels minimize the use of film sheets, allowing a significant plastic reduction. LG Display has additionally cut plastic usage by replacing major OLED panel parts with recyclable materials, while increasing its recycling rate of parts to 92.7% when disposing of products.

Moreover, the company’s third-generation OLED TV panels with advanced 'META Technology 2.0' maximize light emission from organic light-emitting components, resulting in approximately 22% higher energy efficiency than conventional OLEDs of the same brightness, thus reducing power consumption.

Meanwhile, LG Display's Transparent OLED, mass-produced only by LG Display in the world, obtained the Eco-Product Certification Mark from SGS, a Swiss-based global leader in inspection, verification, testing, and certification.

This certification is only granted to products that comply with global environmental regulations and meet SGS's eco-friendly evaluation criteria spanning across the entire product life cycle, from production to

consumer use to disposal. This marks the first eco-friendly certification for Transparent OLED and is an achievement that will help shape the industry’s environmental standards for next-generation displays.

LG Display’s Transparent OLED panel received high scores in the resource efficiency, energy efficiency, and minimal use of harmful substances categories, with all its components comprising up to 23% recycled materials, while also adhering to the EU’s REACH regulations on chemical substance management by refraining from using any of over 200 types of high-risk substances.

Since 2021, LG Display's efforts to develop eco-friendly products has seen it implement a life cycle evaluation (LCA) technique that comprehensively assesses all environmental impacts that may occur in the product life cycle. Through this approach, the company has achieved reduction in material and component usage, minimized greenhouse gas emissions and, energy consumption during manufacturing, and waste reduction in disposal stages, on top of the development of highly energy-efficient products.

Furthermore, the company has established a roadmap for developing mid- to long-term energy-saving products to enable consumers to further reduce power consumption, while also continuously developing low-carbon OLED technology processes and component reduction techniques.

“We are committed to proactively advancing environmental-friendly OLED development in response to ESG trends, while simultaneously actively promoting the technological excellence of LG Display's OLED panels, which not only offer outstanding picture quality but also demonstrate a focus on environmental,” said Min-kyu Jin, Head of the Large Display Promotion Division at LG Display.

SEOUL, Korea (Jan. 25, 2024) – LG Display, the world’s leading innovator of display technologies, announced today that its automotive OLED displays have become the first to receive the ‘Product Carbon Footprint (PCF)’ certification for automotive OLED displays from TÜV Rheinland, a leading global independent testing, inspection and certification body.

This certification has been granted to two models (Auto Display Module – Base Model) for complying with the International Standard for Carbon Emission Measurement (ISO 14067:2018) and undergoing TÜV Rheinland’s critical evaluation of carbon emissions generated from design to production and disposal. 

By incorporating LG Display’s independently developed ‘Light Control Film Integration Technology,’ the film enhances visibility by controlling the direction of light within the panel, which also reduces its carbon emissions by up to 18% compared to previous standards. Added benefits of this technology include production simplification, reduced weight, and enhanced energy efficiency compared to conventional panels that use external films.

LG Display’s Light Control Film Integration Technology is being applied to the company’s automotive display products such as P-OLED and Advanced Thin OLED (ATO). P-OLED utilizes a flexible plastic substrate to achieve a slim, lightweight, and flexible panel that consumes 60% less power and is 80% lighter than most LCD displays. Meanwhile, ATO aims to expand the automotive OLED market with its competitive price point by replacing P-OLED’s plastic substrate with a glass substrate.

LG Display’s automotive displays incorporate the company’s pioneering Tandem OLED, a groundbreaking two-stack OLED technology that adds an extra organic emitting layer for brighter screens, optimal stability, and longer lifespans compared to single-layer OLEDs. The company’s second-generation Tandem OLED, which has been in production since last year, features higher brightness and enhanced durability while reducing power consumption by 40%.

In alignment with the world’s growing preference for eco-friendly automotive components, LG Display is actively developing automotive display technologies and products that minimize their environmental impact. 

This latest certification comes after the company’s automotive OLED and LTPS LCD displays obtained the Eco-Product Certification Mark from SGS, a global inspection and certification organization, for minimizing the use of hazardous substances and realizing greater energy efficiency.

"By making our differentiated technologies, such as Tandem OLED and SPM (Switchable Privacy Mode), more environmentally friendly, we are further cementing our position as the global leader of automotive displays,” said Keuk-sang Kwon, Vice President and Head of Auto Product Development Division at LG Display.

SEOUL, Korea (Jan. 24, 2024) – LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period ending December 31, 2023.

* Revenues in the fourth quarter of 2023 increased by 55% to KRW 7,396 billion from KRW 4,785 billion in the third quarter of 2023 and increased by 1% from KRW 7,302 billion in the fourth quarter of 2022.
* Operating profit in the fourth quarter of 2023 recorded KRW 132 billion. This compares with the operating loss of KRW 662 billion in the third quarter of 2023 and with the operating loss of KRW 876 billion in the fourth quarter of 2022.
* EBITDA profit in the fourth quarter of 2023 was KRW 1,272 billion, compared with EBITDA profit of KRW 382 billion in the third quarter of 2023 and with EBITDA profit of KRW 209 billion in the fourth quarter of 2022.
* Net income in the fourth quarter of 2023 was KRW 51 billion, compared with the net loss of KRW 775 billion in the third quarter of 2023 and with the net loss of KRW 2,094 billion in the fourth quarter of 2022.

LG Display recorded KRW 7.396 trillion in revenues and KRW 132 billion in operating profit in the fourth quarter of 2023.

This 55% quarter-on-quarter revenue increase was driven by the rise in panel shipments for OLED mobile devices, TVs, and IT products in response to seasonal demand.

LG Display successfully achieved a turnaround and has returned to profitability for the first time in seven quarters thanks to the improved profitability spurred on by the expansion of high-value-added products centered on OLED, as the results of the advancement of the business structure became visible. This increase was also driven by the company’s continued pursuit of intensive cost reduction activities, such as efforts in cost innovation and enhancing operational efficiency.

Panels for TVs accounted for 18% of revenues in the fourth quarter. Panels for IT devices, including monitors, laptops, and tablet PCs, accounted for 31%, while panels for mobiles and other devices
 
accounted for 44% and panels for automobiles accounted for 7%. All in all, OLED’s overall revenue contribution rose to 57%.

LG Display plans to focus its capabilities on substantially strengthening its competitiveness and business base in all areas of its OLED business sectors, including large-sized panels as well as panels for IT, mobile devices, and automobiles. The company will also focus on securing a stable profit structure and creating customer value.

In the large-sized OLED business, LG Display will strengthen its customer base to expand shipments and enhance business competitiveness through cost innovations in yield, productivity, and materials. Meanwhile, it also plans to further improve profitability by reinforcing its position in the premium TV market by applying its groundbreaking “META Technology 2.0” to large-sized and ultra-large-sized OLED TV panels. This new technology significantly enhances key aspects of image quality such as luminance.

For the small- and mid-sized OLED business, the company will make full-fledged efforts to expand its order- based business and strengthen competitiveness. LG Display also aims to develop a seamless production and supply system of OLED panels for IT devices featuring Tandem technology, which offers enhanced durability and brightness. In addition, the company will steadily expand shipments of OLEDs for mobile devices through its increased production capacity.

In the automotive display business, LG Display plans to solidify its number one position in the global market by expanding its customer base, securing more orders, and facilitating revenue growth by leveraging its differentiated products and technological competitiveness, including Tandem technology-based P-OLED, Advanced Thin OLED (ATO) and high-end LTPS LCD. LG Display has already secured ten premium global automakers within just four years of initiating the mass production of its automotive displays in 2019.

“Although market volatility will continue this year due to prolonged unstable macroeconomic conditions, we will focus on creating customer value and securing profitability by strengthening the competitiveness of our OLED businesses and future growth bases. We will also continue to secure preemptive funds, carry out enterprise-wide cost innovation activities, and strive to achieve operational efficiency in order to secure financial soundness and further enhance business stability, which will lead to improved performance compared to last year,” said Sung-hyun Kim, CFO and Executive Vice President at LG Display.