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LG announces exit from the phone business

Following six years of losses totaling $4.5 billion on April 5, 2021, 2:59 17 comments What just happened? Following months of rumors that it would happen, LG has finally confirmed it is quitting the phone business. The Korean giant said the decision to close its mobile unit was approved by the board of directors today. It comes after the division spent six years losing money, totaling around $4.5 billion. While one of the most prominent players in the world of TVs, home appliances, and monitors, LG has spent years watching its share of the phone market shrink to around 2 percent the firm was the third-largest phone maker in 2013.

LG aurait pris une décision pour sa branche mobile : un retrait définitif du marché

LG Electronics va annoncer s'il se retire ou non du marché des smartphones l KBS WORLD

LG appears to pull out of money-losing smartphone business

Posted : 2021-04-01 16:51 Updated : 2021-04-01 17:51 LG Electronics Yeouido headquarter building displays G6 in lit-up windows to celebrate the release of the company s G6 smartphone in this March 31, 2017 photo. Courtesy of LG Electronics By Baek Byung-yeul LG Electronics appears to have decided to pull out of its money-losing smartphone business and entered into a transition process to relocate its mobile communications employees to other business units. After suffering operating losses since 2015, LG attempted recently to sell its mobile communications unit, which oversees the smartphone business. The company has reportedly been in negotiations with various interested buyers, including Vietnam s Vingroup, but failed to reach an agreement with any of them.

LG expected to announce quittin' time for its smartphones

LG expected to announce quittin time for its smartphones After spending most of the last decade losing money on its smartphone business, LG is reportedly ready to call it quits at its next board meeting just days away. Reporting over the past several months shows how the Korean manufacturer s mobile unit has navigated through its dire straits: it supposedly ramped up production outsourcing in December, then closed in on a Vietnamese suitor in January before insiders recently leaked word that negotiations have not been fruitful. It s been about six years since the division recorded a quarterly profit and while LG has been able to minimize losses with shifts in its marketing strategy, it may not be keen on keeping up with the competition on R&D for foldable form factors.