LG is expected to confirm its exit from the smartphone market in April and a new leak says that the announcement could come as soon as next week.
The Korean company's struggles have been very public. Up to the end of 2020, it had logged 23 straight loss-making quarters. After initially playing down reports of withdrawal from the industry, LG admitted in January that it was considering various options including sale, withdrawal, and downsizing of its mobile unit.
Negotiations with potential buyers have reportedly failed and the company is now preparing to shutter the smartphone business. Leaker Tron reports that the company will issue a formal statement announcing exit from the smartphone industry on Monday. Remaining employees will apparently be assigned to a home appliance factory in Changwon, South Korea.
Although the company had earlier promised that it would release a rollable phone this year, its production has reportedly been halted. Quirky phones like the Rollable and Wing were intended to reignite interest in the company's offerings and justify premium prices.
https://www.phonearena.com/news/lg-...port-after-exiting-smartphone-market_id131135
The Korean company's struggles have been very public. Up to the end of 2020, it had logged 23 straight loss-making quarters. After initially playing down reports of withdrawal from the industry, LG admitted in January that it was considering various options including sale, withdrawal, and downsizing of its mobile unit.
Negotiations with potential buyers have reportedly failed and the company is now preparing to shutter the smartphone business. Leaker Tron reports that the company will issue a formal statement announcing exit from the smartphone industry on Monday. Remaining employees will apparently be assigned to a home appliance factory in Changwon, South Korea.
Although the company had earlier promised that it would release a rollable phone this year, its production has reportedly been halted. Quirky phones like the Rollable and Wing were intended to reignite interest in the company's offerings and justify premium prices.
https://www.phonearena.com/news/lg-...port-after-exiting-smartphone-market_id131135
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