A sharp fall in the price of liquid crystal display (LCD) panels caused LG.Philips LCD to fall deep into the red during the second quarter, the company said Tuesday.LG.Philips LCD, one of the world’s largest manufacturers of LCD panels, lost 322 billion won (US$340 million as of June 30, the last day of the period being reported) in the second quarter, compared to a net profit of 41 billion won in the same period a year earlier. Sales were up 0.3 percent to 2.3 trillion won.In response, the company will stop its investment in existing production lines and cut back its planned spending in areas like new machinery and factories this year, from 4.2 trillion won to 3 trillion won.Ron Wirahadiraksa, LG.Philips’ president and chief financial officer, said the company is disappointed with its performance but confident that its results will improve during the remainder of the year. Intense competition lies behind the big loss. Vendors have been increasing production to satisfy demand for flat-screen televisions and LCD computer monitors and have been cutting prices in a bid to secure market share.LG.Philips LCD saw the average selling price of panels drop 18 percent between the first and second quarters of this year, it said. The company expects LCD panel prices to stabilize in the second half of the year, it said.-Martyn Williams, IDG News Service (Tokyo Bureau)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content opinion The Importance of Identity Management in Security By Charles Pelton Nov 28, 2023 5 mins Cybercrime Artificial Intelligence Data Management brandpost Sponsored by Rocket Software Why data virtualization is critical for business success Data is your most valuable resource—but only if you can access it fast enough to address present challenges. Data virtualization is the key. By Milan Shetti, CEO of Rocket Software Nov 28, 2023 4 mins Digital Transformation brandpost Sponsored by Rocket Software The hybrid approach: Get the best of both mainframe and cloud Cloud computing and modernization often go hand in hand, but that doesn’t mean the mainframe should be left behind. A hybrid approach offers the most value, enabling businesses to get the best of both worlds. By Milan Shetti, CEO Rocket Software Nov 28, 2023 4 mins Digital Transformation brandpost Sponsored by Rimini Street Dear Oracle Cloud…I need my own space Access results from a recent Rimini Street survey about why enterprises are rethinking their Oracle relationship and cloud strategy. By Tanya O'Hara Nov 28, 2023 5 mins Cloud Computing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe