Just a month back, LG was in the news planning to launch the world’s first rollable smartphone during CES 2021. Still, the South-Korean electronics company is looking to exit the Smartphones Industry. The possible reason behind the potential exit 4.5 Billion USD losses in the past few years.
As reported by The Korea Herald, the company will soon be resolving its smartphone business’s future. “Since the competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice,” an LG spokesperson clarified to the media. He further added, “The company is considering all possible measures, including a sale, withdrawal, and downsizing of the smartphone business.”
Industry experts predict that a shutdown in the smartphone industry by LG could have large scale implications as about 60% of current staff is being displaced and repositioned to other business units or affiliates. However, the CEO Kwon Bong-Seok affirmed that there wouldn’t be any terminations of the jobs.
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