LG abandons smartphones: the announcement already on Monday

LG abandons smartphones: the announcement already on Monday
LG abandons smartphones: the announcement already on Monday
LG will leave the smartphone market and the decision could be made official as early as Monday 5 April. The Korea Times reported that the company will confirm the decision at an internal board meeting on that day. Officially, LG stated that “there is nothing to comment“pointing out that”all we can say is that every possibility is open. While we can’t confirm this yet, we will herald the future of the mobile division“.

The prospect of a closure of the mobile division had been hovering for several months. Initially, LG was considering selling the factories to an interested third party, but continuing to manage the development and design of its mobile products: even this hypothesis, however, seems to have disappeared.

According to an insider, after considering various options, LG eventually decided to leave the mobile world altogether.

Presenting the fiscal results for the fourth quarter of 2020, the company had specified, regarding the forecasts for the mobile division, that it would “carefully evaluated“the direction of the mobile division to verify”current and future competitiveness“In fiscal 2019, LG Mobile had an operating loss of $ 858 million; in the following year, an additional annual loss of $ 750 million despite a cost review and development plan for new high-end products, such as the Wing smartphone, equipped with a second rotatable screen.

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