LG Might Be Out Of Smartphone Business This Year
In an era of crises due to an outbreak of COVID19, the pandemic halted the economy severely that affected the growing business. Similarly, in the past five years, the LG smartphone division has lost about $4.5 billion and has indicated that it might leave the smartphone business soon. LG smartphones have struggled majorly to keep up with their rivals.
However, the company CEO Kwon Bong Seol has notified the employees that in these significant changes, the employment remains uninterrupted. The well-reputed smartphone company has had notable smartphones in the past years. LG worked hard to keep up with the competition but unfortunately, most of it has fallen flat and couldn’t catch up with its leading competitors, Apple, and Samsung.
Besides, the CEO Kwon Bong Seol has promised LG to be the most profitable by 2021. It is still unclear how things are going to change but there is one thing to look forward to and that is something huge is happening. However, the representative for LG has made it clear stating:
“Committed to doing what is in the best interest of the company and its mobile business. Nothing has been finalized and any report to the contrary is pure speculation.”
It is necessary to point out the extraordinary smartphones LG has come up with in these few years. It has worked with innovative approaches and technology with its versatile and sleek shapes. For instance, their scratch-free G6 or the foldable G8x ThinQ was something unusual yet classy in the smartphone business.
The CEO Kwon has sent an internal memo to employees saying it’s about time for the company to make the best choices. He added:
“The Company is considering all possible measures including withdrawal, sale, and downsizing of the smartphone business.”
LG is all set to adapt and change with new challenges and possibilities in the modern virus-free world.