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Finally, LG Electronics is exiting the smartphone business!

One of the South Korean tech giant LG Electronics is trying hard in the smartphone business and the highly competitive marketplace is making it tough for them. They finally decided to wrap up its spread long grown business into the smartphone sector. LG CEO Kwon Bong Seok has reportedly given an official indication to the employees regarding their exit from the smartphone market in the current year. 

As per The Korea Herald, LG electronics has lost nearly 5 trillion won which is around $4.5 billion in the past 5 years in the smartphone business. Speaking of the rising difficulties to compete with its competitors, LG has written an internal note addressed to the employees. 

Although the major reason is looming, the chief executive officer has assured all workers that their employment won’t be affected and will be maintained, so there is no need to get worried. 

The official stated- Since the competition in the global market for smartphone devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice”. 

Meanwhile, one of the company spokesperson has confirmed that this internal memo is in fact genuine to tech portal “The Verge”. He added, “nothing has been finalized”. 

It’s been a long time since LG is trying and struggling to strengthen its feet into the industry but it couldn’t. 

Earlier, in a Korean Outlet TheElec had stated and leaked an internal memo of LG to state that top management had instructed the employees to stop working on the further development of any of the smartphones or to come up with new projects. Now, it’s like a finally decided to be announced by the end of January, it was said on work on the rollable phone devices only, 

But the LG’s CEO said clearly that the memo is totally false, and reported it to the Android Police. And since then the report was deleted by the TheElec. 

Sources say that as LG offered a sight of its first rollable phone at CES 2021, it can be the last phone device developed by the firm. Hence, you won’t find any new LG phones in the market anymore. 

Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.

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