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.

In better times, LG was early to market with a number of cell phone innovations including ultra-wide angle cameras and was once in 2013 the world’s third-largest smartphone manufacturer behind Samsung and Apple. In addition to North America, it does have a sizeable presence in Latin America, where it ranks as the No 5 brand.

LG’s smartphone division — the smallest of its five divisions, accounting for about 7% of revenue — is expected to be wound down by July 31.

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