The volatile market behavior and uncertain performance of major economies have taken a toll on AU Optronics Corp (ADR)(NYSE:AUO) financial results. As per the reports, it announced consolidated revenues of NT$24.29 billion for the month of January 2016, 24.4% down from the earnings reported during the same period in 2015 and 5.7% down from revenues reported in December 2015.
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A significant reduction in the shipment of desktop monitor, LCD TV Panels, notebook PCs and other applications contributed to this adverse financial performance. During the month of January, it only shipped 7.82 million units, 12.1% down from December month. When it comes to small equipments and applications, the shipment reduced down to 11.38 million units, 11% lesser than the shipments made in December 2015.
Before this, AU disclosed its strategies by making changes in management team to create a foundation for the future. As per the reports, upon the retirement of Paul Peng as the President, Michael Tsai was declared as the new Chief Operational Officer and President. Moreover, company’s Chief Financial Officer agreed to take charge as the Chief Strategy Officer.
Amid so many changes, AU didn’t want to leave the CFO’s position vacate; hence, it decided to promote Benjamin Tseng, Vice President – Finance to CFO’s position. Paul Peng will continue to serve as the Chief Executive Officer until further notification. Talking about these changes, he said that they were necessary to keep the momentum going. Peng hopes that the new management team will introduce an innovative and productive approach to AU and take it to newer heights.
Experts consider these changes well-timed and imperative for company’s future. There are a number of operational, marketing and global expansion plans that AU seeks to carry out in the near future, details of which will be shared with all the shareholders in the coming months.