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.

PM me if you’re interested in earning $105 by online trading daily, PM me if you have a phone or PC let’s go ✅✅✅

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.

I have been trading and have had many experience but I have gained more ever since I meet Jasonsallm_l I have made profit of 10k for the past 1weeks with a Investmet of 1100 and I have access to my account,thanks to Jasonsallm_l

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Korea's LG becomes first major smartphone brand to withdraw from marketSouth Korea's LG Electronics Inc will wind down its loss-making mobile division after failing to find a buyer, a move that is set to make it the first major smartphone brand to completely withdraw from the market. 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 Samsung Electronics and Apple Inc with its domestic rival expected to have the edge. 'In the United States, LG has targeted mid-priced - if not ultra-low - models and that means Samsung, which has more mid-priced product lines than Apple, will be better able to attract LG users,' said Ko Eui-young, an analyst at Hi Investment & Securities.
Source: YahooNews - 🏆 380. / 59 Read more »

LG Shutting Down Smartphone Business After Years Of LossesLG was the third biggest smartphone brand in the U.S. with a 11% share of the market. 95% only bad news( RIP Goldstar
Source: Forbes - 🏆 394. / 53 Read more »

SKorea's LG to exit loss-making mobile phone businessSouth Korean electronics maker LG says it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services good luck The issues that some of their phones had after 3+ months of use was hard to overlook, but I'll always appreciate them for daring to be different.
Source: ABC - 🏆 471. / 51 Read more »

South Korea's LG becomes first major smartphone brand to withdraw from marketSouth Korea's LG Electronics Inc will wind down its loss-making mobile division after failing to find a buyer, a move that is set to make it the first major smartphone brand to completely withdraw from the market. Check this documentary on what happened to LG 👇 End of the road for LG phones|Catch up series on the history of LG phones That's too bad! Their phones were dope! thanks for the LG G4 defo the phone of its time the spec, quality & unique design was 4g compatible, leather back & made even the hard core Samsung & iPhone users look over twice, yep why? even Samsung users did not at the time have Android’s new OS courtesy of Google 🤷‍♂️👌👍
Source: Reuters - 🏆 2. / 97 Read more »

LG smartphones are no more as electronics giant quits mobile industryLG was once the third-largest mobile phone maker but has lost billion in market revenue to its competitors. This was very predictable.... Padahal kualitas LG lebih bagus daripada Samsung LG phones , they still exist ?
Source: trtworld - 🏆 101. / 63 Read more »