The operating loss for the first quarter ended March widened to $294.70 million and was pretty close to what analysts were expecting. LG Display’s revenue fell 20 percent.

LG is suffering from a double whammy -- the smartphone business was taking a bite just as the coronavirus pandemic kicked in.

“We expect volatility in demand to increase down the road, as industry sectors are impacted by the COVID-19 outbreak. The difficult situation will inevitably linger, although it is expected that demand in IT products will grow due to stay-at-home orders and consequent surge in online activities”, LG said in a statement.

Analysts say although liquid crystal display (LCD) panel prices in the industry rose when production was disrupted in China at the peak of the coronavirus outbreak there, the price increases were shortlived as Chinese rivals had resumed production, contributing to a supply glut in the market.

Prices for LG Display’s main product, 50-inch LCDs for television sets, rose a bit more than a percent in the quarter from the previous quarter.

In an effort to stem losses, LG Display has said it will halt domestic production of LCD TV panels by the end of this year.