Japan Display to receive $100 mln investment from Apple, says report; shares jump

TOKYO: Japan Display Inc is set to receive a $100 million investment from Apple Inc, its biggest customer, the Asahi newspaper reported on Thursday, sending the screen maker’s shares up as much as 32% in Tokyo.

Japan Display is facing a funding crunch due to Apple’s recent shift away from liquid-crystal displays (LCD) and disappointing sales of the iPhone XR, the only LCD model in Apple’s 2018 line-up. Apple accounts for 60% of Japan Display’s revenue.

Representatives for Japan Display and Apple separately declined to comment on the report.