ANSAN, South Korea — (BUSINESS WIRE) — July 29, 2020 — Seoul Semiconductor Co., Ltd. (“Seoul”) (KOSDAQ 046890), a leading global innovator of LED products and technology, announced KRW 268 billion of consolidated revenue for the second quarter and operating profit of KRW 14 billion. Seoul also provided sales guidance of KRW 300 billion for the third quarter.
The rebound of Seoul’s second quarter revenues comes from wider adoption of Seoul’s WICOP technology by its customers for various applications such as TVs, monitors and notebook PCs which require slim LED designs. The work from home trend, a part of the growing ‘Touchless economy’ has also helped Seoul drive stronger sales. Seoul believes that the recovery of automotive lighting and design wins from key customers for mini LEDs and micro LEDs will further boost sales in 2021.
Seoul expects the third quarter revenues to be between KRW 290 billion and 310 billion, increasing 8% ~ 16% on a quarter-on-quarter and 2% ~ 9% on a year-on-year basis exceeding market consensus of KRW 284 billion.
Until recently, a few competitors have unethically branded its copycat products as if they were patent protected and sold to customers at a bargain disturbing market dynamics. However, as customers face supply interruption, they are now switching more orders to Seoul due to its capability to offer stable supply of patent protected LEDs. Such demand is expected to have a long-term positive effect on Seoul’s future revenues.
About Seoul Semiconductor
Seoul Semiconductor is the world’s second-largest global LED manufacturer, a ranking excluding the captive market, and has more than 10,000 patents. Based on a differentiated product portfolio, Seoul offers a wide range of technologies, and mass produces innovative LED products for indoor and outdoor lighting, automotive, IT products, such as mobile phone, computer displays, and other applications, as well as the UV area. The company’s world’s first development and mass production products are becoming the LED industry standard and leading the global market with a package-free LED, WICOP; a high-voltage AC-driven LED, Acrich; an LED with 10X the output of a conventional LED, nPola; a cutting edge ultraviolet clean technology LED, Violeds; an all direction light emitting technology, filament LED; a natural spectrum LED, SunLike; and more. For more information, please visit www.seoulsemicon.com/en.
Seoul Semiconductor Co., Ltd.