LG: Company Loses Money As OLED TV And Smartphone Sales Slump
The lockdown due to the novel coronavirus is affecting businesses deeply. Some companies are suffering huge losses due to the lockdowns. Their sales are dropping to the lowest. LG is facing the same fate. Its Display unit is facing deep troubles.
They are hir hard by the lowest sales for their OLED TV panel. Ever since the lockdown, their revenue has faced even more drastic changes. Their sales hadn’t even done well the last year. So this year was a bummer for them.
But then there are chances that after the lockdown situation can improve. However, there is no certainty of this. Find out more about this. Read more about this.
How Has It Been For LG So Far?
LG has seen a bad past year. It was making a loss in the early parts of 2019 as well. So this year hasn’t been any different. There is a low demand for the LG Display products and this has hit the company hard.
So far they have incurred a 20% loss as compared to last year. This double-dip is becoming ever more unmanageable. There is no certainty as to when the consumers and markets will go back to their old days.
But this sure isn’t no time for expensive gadgets purchase. So this has resulted in the fall of their sales of OLED TV panels and smartphones.
What Is Happening?
However, the firm is expecting an increase in sales. But this is only after the impact of COVID-19 lessens. Until then, this situation is helpless. So this situation is here to stay for some time more.
But there is a chance that there will be a demand for the products. This is due to the surge in online activities. So there has to be a way to get the stay at home orders delivered. However, there is no hope dor the situation to be helped anytime soon.
More About It
There is a problem with the sales of electronic goods and all the leading brands are affected by this. Even Samsung is suffering a problem with its sales this quarter. But there is a surge in the demand for streaming services.
As people are resolving to stay at home, the chances of turning to digital modes of entertainment has increased. So these services are seeing an increase in demand. They also have to compromise with their bandwidth to perform without any delay.
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