LG is considering leaving the smartphone business

LG boss Kwon Bong Seok has announced major changes in the smartphone business in an internal memo – including the sale, withdrawal or downsizing of the department. But nothing has been decided yet.

LG is considering a report from The Verge according to the timely exit from the smartphone business after the Korean electronics giant had lost around 4.5 billion US dollars there in the past five years.

In an internal memo, CEO Kwon Bong Seok reportedly told his employees that the group was considering major changes in the smartphone business in view of the fierce competition.

According to Kwon Bong Seok, LG is thinking about all possible measures – including the sale, withdrawal and downsizing of the smartphone department.

LG confirmed the authenticity of the memo to The Verge. At the same time, a company spokesman emphasized that nothing had been decided: The management will work to make any necessary decision to solve the challenges posed to its smartphone business in 2021.

Background: LG has been fighting against its increasing insignificance in the smartphone market for years. Despite interesting and innovative models such as the LG G8x or LG Wing, the Korean electronics company has not succeeded in taking market share from dominant manufacturers such as Samsung, Apple or Huawei.

The rumors that LG is withdrawing from the smartphone business are not new. Most recently, they received new nourishment from LG’s announcement that it would outsource the production of entry-level and mid-range smartphone models.

Source: com! professional by www.com-magazin.de.

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