Monday, 5 April 2021

LG Mobile Shutdown its Mobile Phone Business

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LG Electronics, South Korea’s second-largest home appliance company after Samsung, is closing its mobile business after the department lost billions in recent years.
LG Mobile Shutdown its Mobile Phone Business

The company was once considered a pioneer of the Android operating system, collaborating with Google on the Nexus series in early 2010. But there is a long struggle to increase sales, late market entry and move on. Fierce competition from new cheaper Chinese competitors like Huawei.

It was consistently among the world’s 10 largest smartphone makers, but according to Counterpoint tracker data, it last recorded a global market share of three or more percent in the second quarter of 2018. The unit recorded sales figures. Losses for 23 consecutive quarterly losses since 2015, with an accumulated deficit that reached about 5 trillion won ($ 4.4 billion) late last year.

What do you expect…? When a business continues to run on losses, it is best to shut it down says an analyst.

However, LG said that its 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 business-to-business solutions, as well as platforms and services.

LG said that it will continue to sell the existing inventory but won’t produce new phones. LG confirmed that it will provide service support and software updates for customers of existing mobile products for a period that will vary by region. The company said that it will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business.

LG mobile division failed to produce a result, they couldn’t stand the competition among major competitors in the entry-level mobile phone market, which is why it is best to shut it down.

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