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LG becomes first major smartphone brand to withdraw from market

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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.

REUTERS/Steve Marcus/File Photo

Its decision to pull out will leave its 10% share in North America, where it is the No. 3 brand, to be gobbled up by smartphone titans Apple Inc and Samsung Electronics. In better times, LG was early to market with a number of cellphone innovations including ultra-wide angle cameras and was once in 2013 the world's third-largest smartphone manufacturer behind Samsung and Apple.

Now 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.

 

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