LG pulls out of the phone market and shrinks

A new decision came from LG, one of the household names in the phone world. According to this decision, LG is slowly withdrawing from the phone market. With competition unabated, LG is reported to have lost $ 4.5 billion in 23 consecutive quarters (6 years). After this damage on the mobile side, LG wants to move into successful and profitable areas.

Is it attracted to the LG phone? Things are serious

We haven’t been receiving positive news from LG on the phone side for a while. For this reason, it was discussed that LG would withdraw completely from the mobile market. LG management says this news is unfounded and plans to move 60 percent of the mobile side to other departments.

This news, which came out with a written statement from Kwon Bong-seok, highlights that fierce competition in the smartphone market forced LG to withdraw from this area.

60 percent of LG mobile workers move to other parts of the company. The remaining 40 percent will remain in the mobile portion of the business to be transferred. In other words, LG is sacrificing some of its work on the mobile side and sitting at the table for the 40 percent sale. This decision is expected to be officially announced shortly.

According to Counterpoint, although LG came third in the global smartphone market by Strategy Analytics in the first quarter of 2013, it didn’t even make the top seven in the third quarter of 2020, so the decision would have been made. .

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