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LG becomes first major smartphone brand to withdraw from market

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SEOUL (Reuters) -South Korea’s LG Electronics Inc said on Monday it will wind down its loss-making mobile division - a move that is set to make it the first major smartphone brand to completely withdraw from the market.
FILE PHOTO: A man talking on his phone walks past the logo of LG Electronics during Korea Electronics Show 2016 in Seoul, South Korea, October 27, 2016. REUTERS/Kim Hong-Ji/File Photo
Its decision to pull out will leave its 10% share in North America, where it is the No. 3 brand, to be gobbled up by smartphone titans Apple Inc and Samsung Electronics. ....

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LG confirms it will no longer make smartphones: Here's what happened

LG is shutting down its smartphone business and will now focus on segments such as EVs, IoT and B2B Solutions. Here's what happened. ....

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LG to close down loss-making mobile business to focus on other products

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LG Electronics will shut down its loss-making mobile phone business to focus on other business lines, the South Korean company said on Monday.
Moving away from phone manufacturing will allow the firm concentrate on other business areas including electric vehicles, connected and smart home devices, robotics, artificial intelligence and business-to-business equipment, it added.
“LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas,” the company said on Monday.
Its mobile business has been lossmaking since the second quarter of 2015 and the division recorded operating losses of almost $4.5 billion during that time. ....

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LG confirms it is shutting down its smartphone business

Last week, local reports from South Korea claimed that LG was indeed shutting down its smartphone business after buyout negotiations with several interested companies fell through. At the time, LG claimed that “every possibility is still on the table” but that changed today, with LG making the decision official.
In a statement released today, LG confirmed that it is exiting the smartphone business and will refocus its resources on other growing areas, like AI, Smart Home, electric vehicle components, robotics and Business-to-Business solutions.
“LG Electronics Inc. (LG) announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today”, the statement reads. “LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and busine ....

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After Years Of Losses, LG Is Shutting Down Its Smartphone Business

After Years Of Losses, LG Is Shutting Down Its Smartphone Business
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