Japan Display warns of bigger year-on-year loss on slow iPhone sales
(Reuters) – Apple Inc supplier Japan Display Inc warned on Tuesday of a bigger loss in the just-ended business year compared to the previous year as sluggish demand for iPhones dragged down sales of its display panels.
Japan Display estimated a net loss of 31.8 billion yen ($291.96 million) for the year ended March, wider than the 12.3 billion yen loss it reported for the previous year.
The company, which generates about 40 percent of sales from Apple, also cut its full-year operating profit estimate to 16.7 billion yen from the 22.0 billion yen it forecast in February.
Japan Display, Sharp Corp and South Korea‘s LG Display Co Ltd are currently the three major display suppliers for the iPhone.
Apple reported in late April its first-ever decline in iPhone sales.
Aiming to reduce exposure to swings in the smartphone market, Japan Display in March announced consolidation of domestic liquid crystal display (LCD) production lines.
The company will announce actual results for the year ended March 31 on Thursday.