LG is considering to exit the smartphone market this year
LG revealed in an internal memo to employees that the company is considering to withdraw from the smartphone market.
The LG Wing.
LG may exit from the smartphone market by the end of the year.
According to The Korea Herald, CEO Kwon Bong-seok sent an internal memo to employees informing them that it is time for the company "to make a cold judgement and the best choice". The memo, which LG confirmed to be genuine in a statement to The Verge, states that the company "is considering all possible measures, including sale, withdrawal and downsizing of the smartphone business."
LG's smartphone business has been suffering losses for the past five years with a reported accumulated loss of five trillion won. Its global smartphone market share has shrunk due to the fierce competition from Chinese phone makers such as Xiaomi, Oppo and Vivo.
Source: The Korea Herald via The Verge
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