LG Electronics said it expects to ship fewer OLED TVs this year compared to last year due to an inadequate supply of OLED panels in the market from the economic slowdown
The South Korean electronics maker said on Friday that TVs were sensitive to consumer income and the recent economic slowdown has caused both demand for budget and premium TVs to decline.
Most of its OLED TVs were premium products, LG said, and it said a decline in sales was avoidable this year.
The geopolitical issue in Europe, one of its main customers for OLED TVs, also caused uncertainty throughout the third quarter, LG’s latest fiscal quarter running from July to September.
However, the company expected mid-10% growth in demand for OLED TVs in 2024, based on data from market research firms.
LG Electronics subsidiary LG Display also said two days earlier that it expected to ship fewer large OLED TV panels this year of 5 million units compared to 2022’s 6.8 million units.
Meanwhile, LG Electronics said it plans to combine its device with platforms and services to add value to its TVs going forward.
The South Korean electronics maker recorded 20 trillion won in revenue and 996.7 billion won in operating profit during the third quarter, a drop of 2.2% and a jump of 33.5%, respectively, from a year ago.
This was thanks to profit from its home appliance business doubling year-on-year and a hefty contribution of around 130 billion won in profit from its vehicle solution business.
