LG is leaving the mobile market
When a company has been operating at a net loss for six full years, it can stay on course few ways. The same is true for LG Mobile, and shutting down all activities and projects now seems the most likely scenario. Rumors of a possible move by LG have been circulating for some time, but today the Korean news agency The Korea Times, in a new report citing industry sources, claimed that the company will officially announce its exit from the smartphone market next week.
The report states that next week, on April 5, after the LG board meeting, an official statement will be issued regarding the company’s exit from the mobile market. The news of LG’s exit from the smartphone market is getting closer to reality, as it was reported last week that LG had negotiated to sell its mobile phone segment, but in the end, none of them reached the desired result.
An LG Electronics official has previously stated that the company has several strategies in place for its mobile manufacturing division; Including the sale of the whole of this section or the sale of parts of it. Another option mentioned by LG executives was the complete withdrawal from the field of smartphone production. In addition to all this, rumors have been circulating for several days regarding the transfer of LG Mobile employees to the company’s home appliance manufacturing department.
With these interpretations, it seems that LG’s exit from the mobile market has been largely decided, but everything has been postponed to Monday and the board meeting. Now, we have to wait a few more days and see what the fate of one of the most beloved mobile phone brands will be in the end.
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