LG becomes first major smartphone brand to withdraw from market

SEOUL -South Korea’s LG Electronics Inc said on Monday it will wind down its loss-making mobile division - a move that is set to make it the first major smartphone brand to completely withdraw from the market.

The division has logged nearly six years of losses totalling some $4.5 billion, and dropping out of the fiercely competitive sector would allow LG to focus on growth areas such as electric vehicle components, connected devices and smart homes, it said in a statement. Currently its global share is only about 2%. It shipped 23 million phones last year which compares with 256 million for Samsung, according to research provider Counterpoint.

While other well-known mobile brands such as Nokia, HTC and Blackberry have also fallen from lofty heights, they have yet to disappear completely.

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oh shit

This saddens me to see LG let go of the smartphone market. Competition is great for the economy

Got in | Made money | Get out. Capitalism on display is 'putting shareholders value above other objectives, Milton Friedman'

Apple is next

😮😮😮

An utter tragedy. The best media phone on the market.

It's all good, their TVs, fridges, monitors are beasts. They should just focus on them.

LG with its quad DAC amp , headphone jacks, dual screen set ups, wide screen dual cam innovation , pressure sensitive pen support was some of the best tech to grace the smartphone markets... Better be ordering another battery for the LG V60. Brilliant kit

I still remember their Nexus builds!

Sad. They had some really nice products.

Really had my money on blackberry as the first. A slight upset.

I love the stylus line, have 3 of them, but when they started making the phones with integrated battery, i stopped buying LG phones.

Hopingly Xperia still ok!

😕😕😕

R.I.P. :.(

End of the road for LG phones|Catch up series on the history of LG phones

nimrodrigo Wasn’t Siemens the first one?

They can’t be involved in everything!

There phones were amazing..

They can't compete with Chinese brands anymore.

Very sad, there phones were amazing.

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