LG Display reported its Q4 2021 financial results. Revenues increased 18% compared to Q4 2020, and reached $7.3 billion, while net income fell to $150 million down from $500 million a year ago. LGD says that the drop in profit is due to one-off costs related to employee bonuses, and lower LCD panel prices.
For the whole of 2021, LG Display recorded all-time high revenues of $25 billion, with a 23% increase over 2020.
LGD says that its increase in revenues is attributed to increased OLED panel sales (both OLED TVs and small OLED sales) and "structural innovation in the LCD business focusing on high-end IT products". LGD managed to increase OLED TV shipments by more than 70% even though the entire TV market declined by 13% in 2021.
Looking into 2022, LGD aims to expand OLED TV panel shipments by over 20%, and introduce its OLED displays into new business areas such as gaming and transparent displays. on the other hand, the company warns that its 2022 business “is expected to see demand adjustment after COVID-19.”