Korean
LG Electronics, once the world's third largest smartphone producer, is quitting that particular market to focus on other activities.
At a loss
LG's smartphone division has been bleeding money for years, Belgian newspaper De Standaard reports: losses have accumulated to almost four billion euros since 2015. The company had already announced it was looking at its options last January, but has now decided to put a stop to the onerous division and hopes the divestment will be completed by July. In the last few years, LG's market share has nosedived from being the third largest producer worldwide to a mere 3 % share.