LG, today, officially announced that it is exiting the smartphone business. The news comes after the company bore a whopping loss due to the lack of smartphone sales worldwide.
LG smartphones have struggled to sell over the years. With the likes of Apple launching affordable iPhones, like the iPhone SE, and even the competition in the budget market heating up, LG has failed to impress consumers with its smartphone. Today, after the board meeting of LG’s directors, the company decided to quit from the smartphone business.
The company will continue to sell the current stock, but will not manufacture smartphones from now on. LG promises that it will continue to provide support for the current smartphone owners, however, it has not announced up until when it will support the customers. The process of phasing out LG’s mobile division is expected to be completed by July 31 although product inventory will likely be available after that date.
LG says that it is doing so to focus more on the other sectors, like artificial intelligence, home computing, and business-to-business solutions. The company also says that it will focus on the upcoming mobile network technology, 6G, and will focus on strengthening its competitiveness in other fields.
iPhones have always had a strong foothold in comparison to LG smartphones. Apple procures a lot of elements from the LG for its iPhones, including the display. And even though the company is exiting the smartphone business, it will continue to provide parts for the iPhones. The company is said to be developing foldable displays for Apple.
Have you owned an LG smartphone? Which LG smartphone do you think gave a stiff competition to Apple’s iPhone? Did you switch to an iPhone from an LG smartphone? Let us know in the comments section below!