LG Said Goodbye to the Smartphone Market, 4.5 Billion Doller Loss in Five Years

Tech Desk: South Korean company LG has said goodbye to the smartphone market. Earlier it was claimed in several leaked reports and now the company has officially confirmed it. After suffering losses for nearly six years, LG has said goodbye to the smartphone market. Now the company will exert its full force on electric vehicles, smart devices, artificial intelligence, and business to business.

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Despite losses for the past six years, the company was competing against Samsung, Apple, and all Chinese companies, but now the company has taken the final decision. In the last one or two years, the company has introduced many premium smartphones like LG Wing, Dual Screen LG G8x ThinQ.

Saying goodbye to the smartphone market does not mean that the company’s phones will not be sold in the market from today itself. Phones that are in stock will be sold and customers will also get service. Apart from this, the company will also periodically provide software updates to its smartphone users. LG is going to shut down its mobile business from 31 July 2021.

In January this year, a report came in which said that LG is preparing to shut down the smartphone business. Even before the closure of the mobile business, 60 per cent of the employees have said goodbye to the company, although another report was also claiming that the company has shifted about 60 per cent of the employees of the mobile business to another business.

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In the last five years, LG has incurred a loss of $ 4.5 billion, or about Rs 32,856 crore and the figures are official. LG has taken this decision due to increasing competition in the smartphone market.