LG Display Co., Ltd. (NYSE:LPL) Q3 2023 Results Conference Call October 25, 2023 1:00 AM ET
Company Participants
Brian Heo - Investor Relations
Sung-Hyun Kim - Chief Financial Officer
Hee-Yeon Kim - Senior Managing Director, CSO, IR
Seung-Min Lim - Senior Vice President of Corporate Planning
Keuk Sang Kwon - Vice President of Auto Marketing
Jeong Lee - In Charge of Business Intelligence
Myoung-Kyu Kim - In Charge of Medium, Small Display Strategy
Conference Call Participants
Sung Eun Kim - Meritz Securities
Hyun-Soo Kim - Hana Securities
Dongwon Kim - KB Securities
Kyuha Lee - NH Investment & Securities
Brian Heo
Good morning. This is Brian Heo in charge of LG Display's IR. On behalf of the company, let me thank all the participants at this conference call.
Today, I'm joined by the CFO, Sung-Hyun Kim; Hee-Yeon Kim, CSO; Seung Min Lim, Senior Vice President of Corporate Planning; Keuk Sang Kwon, Vice President of Auto Marketing; Ki-Yong Lee [ph], in charge of Business Intelligence; [indiscernible] In Charge of Large Display Strategic Marketing; and Myoung-Kyu Kim, In Charge of Medium, Small Display Strategy.
The conference call will be conducted in both Korean and English. Please refer to the provisional earnings release today or the IR Events section in the company's website for more details on the financial results of Q3 2023.
Before we begin the presentation, please take a moment to read the disclaimer. Please 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.
I will start with Q3 business results. Revenue was almost flat Q-o-Q in the midst of intense inventory correction continuing in the downstream industries, as demand is slow to recover due to macroeconomic uncertainties with the impact being felt differently by product category like TV, IT and mobile. Revenue in Q3 was KRW4.785 trillion, up 1% Q-o-Q.
There was operating loss of KRW662 billion, narrowing Q-o-Q and Y-o-Y, maintaining the improvement trend. As the company continues with business structure upgrade, it has also remained on the path of cost innovation and operational efficiency.
Next, on area shipment and ASP per square meter. Q3 area shipment was up 1% Q-o-Q to 4.77 million square meters. ASP per square meter was $804, up $1 Q-o-Q.
In terms of revenue breakdown by each product segment, TV panels revenue mix was 23%, almost flat Q-o-Q. IT accounted for 40%, down 2 percentage points Q-o-Q, due to delayed recovery in B2B demand. Mobile and others took up 28%, up by 5 percentage points following the seasonal increase in mobile panel shipments. Auto business revenue mix was at 9%, down by 2 percentage points Q-o-Q as a result of some shipment adjustment. OLED revenue mix remained unchanged at 42%.