AUOTY - AUO Corporation (AUOTY) Q1 2024 Earnings Call Transcript

2024-05-02 18:55:21 ET

AUO Corporation (AUOTY)

Q1 2024 Results Conference Call

April 30, 2024 2:00 AM ET

Company Participants

Julia Chao - IR

Ben Tseng - CFO

Paul Peng - Chairman and Group Strategy Officer

Frank Ko - CEO

James Chen - Senior VP of the Display Strategy Business Group

Conference Call Participants

Diana Chang - UBS

Brad Lin - Bank of America

Karen Huang - Citi

Derrick Yang - Morgan Stanley

Presentation

Operator

Welcome to AU Optronics' 2024 First Quarter Financial Results Conference. [Operator Instructions]

Now I would like to hand over to Ms. Julia Chao, AUO's IR Officer.

Julia Chao

Thank you, ladies and gentlemen, good afternoon. I'm Julia Chao from AUO's IR Department. On behalf of the company, I would like to welcome you to participate in our 2024 first quarter financial results conference.

I'm joined by four executives, Paul Peng, Chairman and Group Strategy Officer; Frank Ko, CEO and President; James Chen, Senior VP of the Display Strategy Business Group; and Ben Tseng, our CFO. The agenda of today is as follows. First of all, Ben will go over our 2024 first quarter financial results and provide you with the guidance for Q2. Later on, Paul and Frank will provide you with opening remarks. Later on, we will move into a Q&A session.

We have collected questions from analysts before the meeting. We will address those questions in the first part of the Q&A session. Afterwards, if there are still more questions, we'll open the line to take more questions. So that was our agenda.

Before I turn over to Ben, I would like to remind you that all forward-looking statements contain risks and uncertainties. Please spend some time to read the safe harbor notice on Slide #2.

Now I'm turning over to Ben, our CFO.

Ben Tseng

Good afternoon. I would like to quickly go over our 2024 first quarter financial results. In Q1, net sales came in at TWD 59.5 billion, down by 6% Q-o-Q. In the Display business, the TV segment enjoyed increased demand and increased shipments. At the same time, notebook panels experienced slower demand and slower shipment, causing revenue in Q1 to drop Q-o-Q....

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