LG Throws In The Towel On Smartphones After Losing Billions
04/05/21 AT 12:39 PM
LG has announced it’s shuttering its smartphone department, pulling out of the market after years of losses and declining market share. Many in the tech industry publicly mourned the loss, remembering how LG pushed the market to innovate.
The company announced the move Monday. It plans to wrap up closure by the end of July, although some of its already existing smartphone models could continue availability, CNN reports.
That availability, and the fate of the company’s employees, will “vary by region” according to The Verge.
“[The] strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, the company said.