LG Kills Smartphone Business After Incurring $4.5 Billion Loss Globally

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LG has officially confirmed the shutdown of its smartphone business starting today. Last week a new smartphone listing on Bluetooth SIG certification suggested that the company might not exit the business, but now all the confusions are cleared by the South Korean tech giant. Yes! You read it correctly; we are not going to see new LG smartphones ever. According to the company, it will now highly focus on growth in other areas like electric vehicle components, connected devices, smart home appliances, robotics, AI, and B2B solutions.

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LG Finally Confirmed the Big News

The company also confirmed that the existing smartphones in the market would not be retained, and you can still grab the last few models from the brand. Notably, the company continues to support its products, but it will be for a limited period depending on the region. The company is expected to make the complete business closure by the end of July 2021.

The news about LG mobile business shutdown was rumoured for several months. It has been reported that the company has taken this decision due to losses. According to the report, LG was facing huge losses for nearly the last six years. As per the Verge report, the company has incurred a loss of $4.5 billion, which is approximately 33,010 crore in INR. The company recently launched its high-end dual-display smartphone and struggled to compete with a brand like Samsung, which already has a stronger hold in South Korea and globally as well.