South Korean electronics giant LG After years of losses in the smartphone business, the company said today. According to analysts, this is an expected step. Although the popularity of LG smartphones in the US is just behind Applom in SamsungThis brand still has a small market share among smartphones. LG shares are reported today fell 2.52 percent.
The company said in a press release that the decision was approved by the board of directors and that the company expects to completely quit its mobile phone business by the end of July. They will focus now other areassuch as electric vehicle components, connected devices, smart homes and artificial intelligence.
They decided to take this step because the company has been doing this for almost six years. $ 4.5 billion loss. LG competes with Samsung’s smartphones at the top GalaxyLeading brands using the Google operating system Android. Then they started software and hardware issues have stagnation in designAnd these have been accelerated further with cheaper and better equipped phones from Chinese manufacturers. Xiaomi, Huawei in Oppo. Current share of LG smartphone sales is approx. 2 percent.
The company, for existing LG smartphone users, service support in updates software for a period of time that will vary by region. LG is still in the process of rolling out a seven-month operating system Android 11 on some of their smartphones. It is not yet clear whether any of the LG smartphones will get it Android 12will be available this year.