LG has been reporting losses for the past 6 years and may be eventually deciding to back off from the world of smartphone manufacturing.
The rumors started to circulate after it was reported that CEO of LG Kwon Bong-seok emailed the employees, insisting that something be done about the company’s smartphone division. Later, official LG sources hinted that the company may be looking forward to withdrawing its smartphone business by selling it away or downsizing its smartphone division.
Apparently, LG is trying to keep itself safe from further losses, since its competition with other smartphone companies in the global market has become tough.
If LG does decide to end its smartphone business for good, the news although significant, will not be much surprising, since the last time the company reported its profit through the division in its earnings was back in 2014. Moreover, the 2020 pandemic made things worse for LG, which is why it couldn’t achieve its desired goal of making its mobile division profitable by 2021.
However, despite LG’s inability to excel as a smartphone manufacturer, the company still managed to introduce a bunch of impressive and innovative products, such as its G5, the dual-screened LG G8X, and LG Wing.