News Summary: LG Display sinks to loss in 2Q

AP News
|
Posted: Jul 26, 2012 12:06 PM

THE RESULTS: LG Display reported a wider-than-expected quarterly loss Thursday.

WHAT HAPPENED: LG Display says its bottom line was hurt by a one-time penalty to settle a price-rigging case in the United States as well as persistently feeble demand for TVs. Sales of TV panels account for about half of revenue.

BIGGER CHALLENGES: The deepening global economic malaise has prompted consumers and corporations to postpone TV purchases, while the emergence of new mobile devices such as tablet PCs has lured customers from TVs.