A man looks at LG Electronics television sets, which are made with LG Display flat screens, at his store in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji

SEOUL, July 27 (Reuters) – South Korean display panel maker LG Display Co (034220.KS) said on Wednesday it posted a loss in the second quarter after a profit a year earlier, inflation and rising interest rates have undermined demand for used panels. in televisions and gadgets.

Apple Inc (AAPL.O) reported an operating loss of 488 billion won ($371 million) for the April-June quarter, compared with a profit of 701 billion won in the same period. last year. The business had been boosted for several quarters by strong demand for home entertainment during the COVID-19 pandemic.

The quarterly operating loss, the first since the second quarter of 2020, exceeded the average loss forecast of 343 billion won from 12 analysts polled by Refinitiv SmartEstimate.

Revenue fell 20% on the year to 5.6 trillion won, LG Display said in a regulatory filing.

LG Display saw lower panel shipments in the second quarter as prolonged COVID lockdowns in China disrupted supply chains, while the broader industry saw demand impacted by rising macroeconomic volatility and uncertainty .

Prices for 55-inch liquid crystal display (LCD) panels for televisions fell about 12% in the April-June quarter compared to January-March, according to data from TrendForce’s WitsView.

LG Display said it would accelerate its plan to reduce its LCD TV panel business and focus more on high-end computer products.

($1 = 1,313.6400 won)

Reporting by Joyce Lee, Heekyong Yang and Byungwook Kim; Editing by Muralikumar Anantharaman and Kenneth Maxwell

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