LG shut down the mobile business altogether, becoming the first company to close after a loss

South Korean company LG announced on Monday that it was shutting down its mobile business altogether. Let me tell you that for the last six years, the company has been facing continuous losses in the mobile segment, which is why the company has now decided to shut it down. LG’s global market share in the smartphone market is only 2 percent. According to research provider CarterPoint, LG shipped 2.3 million phones last year, compared to Samsung’s 256 million. After a series of losses in the business, the company has finally decided to close it.

According to a Reuters report, LG has announced the closure of its mobile business. The company has been making losses in its mobile division for the last six years. The company said in a statement that in view of the continuing damage to the mobile segment, the company has now discontinued it to focus on other areas such as electric vehicle parts, connected devices and smart homes. Could focus.

As mentioned, LG has been facing losses for the last several years, while there have been reports that the company is going to close its mobile segment business in the next few days. However, no official statement was issued by the company at the time. But now the company has cemented all previous leaks with the announcement of the closure of the business.

It is said that the company will shift the employees of its smartphone division to other LG electronics businesses.

The statement added that even if the company closes its mobile business, it will continue to provide services such as service support and software updates for existing mobile products.


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