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LG Electronics exits from loss-making mobile business | Daily Express Online dailyexpress.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyexpress.com.my Daily Mail and Mail on Sunday newspapers.
Accumulated operating losses reached 5 trillion won last year. LG was once world s third-largest handset maker. Seoul/New Delhi: LG Electronics said on Monday that it will withdraw from the mobile business after years of money-losing performance amid intensifying competition with bigger rivals. The South Korean tech powerhouse said in a regulatory filing that its mobile communications (MC) unit will no longer produce and sell handsets after July 31, citing its long slump and fierce competition in the industry. The decision came two months after the company said its MC division is open to all possibilities for its future operations. LG s mobile business has been in the red since the second quarter of 2015. Its accumulated operating losses reached 5 trillion won (US$4.4 billion) last year. ....
LG had few smartphone hits, but it’ll still be missed The US smartphone market just got more boring Share this story If you’re reading this on a phone, chances are, LG didn’t make it. The Korean tech giant has been losing money and market share with its smartphone division for years, so it wasn’t a surprise when it finally announced plans to pull the plug today. You could be forgiven for shrugging. But LG deserves to be remembered as more than just an also-ran. Its phones were rarely big hits, much less often the kind of polished product we’d ever recommend to most over its competitors. Despite this, LG did introduce several features and innovations that the phone world would be worse off without. The company was the first to put ultrawide cameras on its phones, for example, and it pioneered the kind of all-screen, no-button smartphone designs that dominate the market today. ....
SHARE LG Electronics will shut down its loss-making mobile phone business to focus on other business lines, the South Korean company said on Monday. Moving away from phone manufacturing will allow the firm concentrate on other business areas including electric vehicles, connected and smart home devices, robotics, artificial intelligence and business-to-business equipment, it added. “LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas,” the company said on Monday. Its mobile business has been lossmaking since the second quarter of 2015 and the division recorded operating losses of almost $4.5 billion during that time. ....
With mobile biz left behind, LG Electronics now sets sights on vehicle parts, AI – The Korea Times koreatimesus.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimesus.com Daily Mail and Mail on Sunday newspapers.