The company admits the possibility of leaving the smartphone market

Thanks to its products, almost everyone knows LG. In the past, it also ranked among the giants in the smartphone segment, but unfortunately these times have passed and the company is recording loss after loss.

We only recently announced the potential end of production of LG smartphones. In an unknown message it was reported that LG would end the production of smartphones in South Korea. Instructions for employees were also given there. They were allegedly instructed to give priority to Project I, which is in fact a scrollable smartphone introduced at CES 2021. At the margins of this report, LG stated that no end to smartphone production is planned.

Can LG really end up in the smartphone world?

Kwon Bong-seok, CEO of LG, said that regardless of any changes, employment will be maintained. So there is nothing to worry about in this case. He added that the market is becoming more competitive and that it will be time for the company to make an important decision. According to information on the gsmarena.com portal, he further stated:

“The company is considering all possible measures, including the sale, withdrawal and downsizing of the smartphone business.”

“With the mobile communications team, the company has lost about $ 4.5 billion in the last five years, while other divisions have solid financial results and set record-breaking records.

According to Counterpoint, LG sold only 6.5 million smartphones in the third quarter of 2020, a decrease of approximately 700,000 devices produced. The company therefore has a negligible 2% share of the global market. Although sales are not large, the company has brought a number of innovative products, so in the interest of competition, we really hope that it will not have to end up with smartphones.

At this stage, we can only hope that the company will really succeed in the future and bring to the market a large number of interesting smartphones as before.