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Post-COVID chill drives LG Display to record loss

Pressure to reshape business mounts as Chinese rivals catch up on OLED

The OLED panel industry has struggled as many consumers see no need to upgrade from LCD televisions. (Photo courtesy of LG Display)

SEOUL/TAIPEI/TOKYO -- With windfalls from COVID-19 fading, LG Display is grappling with a record loss as sinking demand, supply chain issues and advancements by Chinese rivals threaten its long-term position in the market.

LG Display said Wednesday that group revenue sank 6% on the year in July-September to 6.77 trillion won ($4.72 billion). Operating loss for the quarter totaled a record 759 billion won, in contrast to the profit of 529 billion won from a year earlier.

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