LG planning an exit from the smartphone business

Gadgets Technology

In the wake of losing almost $4.5 billion for more than five years, LG is thinking about stopping the phone market for good in 2021.

As per a report by The Korean Herald, LG’s CEO Kwon Bong-Seok has told the representatives that the organization is intending to roll out significant improvements ‘in the activity of the phone portion.’

“Since the opposition in the worldwide market for phones is getting fiercer. It is about an ideal opportunity for LG to make a cool judgment and the best choice. The organization is thinking about all potential measures. Including deal, withdrawal and scaling back of the phone business,” the LG CEO told the representatives in an interior reminder.

He additionally guaranteed them that paying little mind to the progressions that are made they would not lose their positions. “Notwithstanding any adjustment toward the phone business activity. The work will be kept up, so there is no compelling reason to stress,” he added.

Affirming the legitimacy of the notice to The Verge, LG said that it stayed focused on settling the issues looked by its versatile business in 2021. The organization likewise states that nothing had been concluded as of now.

Remarkably, this isn’t the first occasion when that rumours have implied that LG was intending to make an exit from the phone business. Recently, a report by The Elec states that LG was intending to auction its portable before the current month’s over. At that point, the company had unequivocally denied the report. In any case, presently, it would appear that LG is reflecting on the choice to leave the smartphone market truly. This comes in spite of the organization’s endeavours to reestablish its phone business. Also with another line of phones beginning with the LG Velvet a year ago.