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Sunday, May 22, 2022

LG May Be Planning An Exit From Smartphone Business

LG has been exploring several options in the smartphone world. It has previously rolled out several successful launches. None of them are recent. Following its latest launch, the company may be falling towards the option of exiting the smartphone industry. Its record tracked in the sector has been wavy for an extended while. This also comes from hefty competitors and rigid losses. 

For 2021, the tech-giant recently premiered its latest rollout of a phone tech with rollable features. This was first shown at the Consumers Electronic Show. Sources have reported that it may look at an option of getting out altogether. LG, for the five years in the past, has faced a massive loss in this line with over $4.5 billion to be balanced. The smartphone division might not see the light of day again, as researchers have reported a memo passed to employees. It was reportedly forwarded by the Chief Executive Officer, Kwon Bong-Seok. Although, it is said that selling the division is not entirely the only option in the memo. 

LG Smartphones’ History

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One of the top players in Android smartphones, in the beginning, the days have steadily been slipping. The modern era of smartphones saw the company roll out flip phones and candy bars. This includes LG Chocolate models. The company tumbled eventually, against stiff competition with the likes of Oppo and Samsung. The latter firms lured several tech-enthusiasts. The market was then taken over by the Galaxy S series as well as the iOS phones. This led to LG being squeezed out by the market. 

With several newer devices with higher-tech, like LG Wing or the recent rollable device, the company has still failed to create any buzz. A spokesman for LG said that the worldwide market was getting “fiercer,” and it was time for the firm to take a “cold” decision. These measures may include “sale” or “withdrawal” or “downsizing” the business.

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