LG Display Co., Ltd. (NYSE:LPL) Q1 2023 Earnings Conference Call April 26, 2023 1:00 AM ET
Company Participants
Brian Heo - In-Charge of IR
Sunghyun Kim - Chief Financial Officer
Hee-Yeon Kim - CSO
Seung-Min Lim - Senior Vice President of Corporate Planning
Eric Ki Hwan Son - Vice President of Auto Marketing
Seong Gon Kim - In-Charge of Medium Display Marketing
Hee-Yeon Kim - Senior Managing Director/CSO/IR
Conference Call Participants
Junghoon Chang - Samsung Securities
Won-suk Chung - HI Investments and Securities
Operator
[Foreign Language]
Good morning and good evening. First of all, thank you all for joining this conference call and now we will begin the conference for our Fiscal Year 2023 First Quarter Earnings Results by LG Display. This conference will start with a presentation, followed by additional Q&A session. [Operator Instructions]
Now we shall commence the presentation on the Fiscal Year 2023 First Quarter Earnings Results by LG Display.
Brian Heo
[Foreign Language]
Good afternoon. This is Brian Heo, In-Charge of IR at LG Display. On behalf of the company, I would like to thank all the participants for joining this conference call. Today, I'm joined by the CFO, Sunghyun Kim; CSO, Hee-Yeon Kim; Senior Vice President of Corporate Planning, Seung-Min Lim; Vice President of Auto Marketing, Eric Ki Hwan Son; and [indiscernible] In-Charge of Business Intelligence; [indiscernible], In-Charge of Large Display Marketing; and Seong Gon Kim, In-Charge of Medium Display Marketing.
[Foreign Language]
The conference call will be conducted in both Korean and English. Please refer to the provisional earnings released today, or the IR Events section of the company's website for more details on the financial results of Q1 2023.
[Foreign Language]
Also, before we begin the presentation, please take a moment to read the disclaimer.
[Foreign Language]
Please also note that today's results are based on consolidated IFRS standards, prepared for your benefit, and have not yet been audited by an outside auditor.
[Foreign Language]
I will first start with Q1 business results. In the midst of sluggish demand for TV and IT products and inventory corrections continuing in the downstream industries, there were added impacts from slow seasonality and the company's downsizing of its LCD TV business, which all drove Q1 revenue down 40% Q-on-Q and 32% year-over-year, reporting KRW 4,411 billion.
[Foreign Language]
Meanwhile, underpinned by preemptive inventory downsizing since Q4, we continue to rationalize large panel business, undertook intense cost savings, introducing cost innovations, thanks to which we were able to narrow the fluctuations in profit and reported operating loss of KRW 1,098 billion.