South Korea’s LG to exit its loss-making cell phone enterprise

Guests use their cell phones subsequent to LG sales space throughout the Cell World Congress in Barcelona, Spain, February 27, 2019. Rafael Marchante | Reuters South Korean electronics maker LG stated Monday it’s getting out of its loss-making cell phone enterprise to deal with electrical car parts, robotics, synthetic intelligence and different services. LG’s board


Guests use their cell phones subsequent to LG sales space throughout the Cell World Congress in Barcelona, Spain, February 27, 2019.

Rafael Marchante | Reuters

South Korean electronics maker LG stated Monday it’s getting out of its loss-making cell phone enterprise to deal with electrical car parts, robotics, synthetic intelligence and different services.

LG’s board authorized the shift in technique and the corporate expects to completely exit the cell phone enterprise by the top of July, it stated in a press release.

LG was as soon as the third-largest cell phone maker however has misplaced market share to Chinese language and different rivals.

It was nonetheless No. 3 in North America, with a 13% market share behind Apple’s 39% and Samsung’s 30% as of the third quarter of 2020, in response to Counterpoint Know-how Market Analysis.

LG earlier stated it was assessing its technique because it reported that its gross sales rose 5% from a 12 months earlier within the final quarter of 2020 however profitability declined attributable to sluggish gross sales of premium merchandise.

The corporate stated it was promoting its cellphone stock and would proceed to offer companies and assist for numerous intervals of time relying on the place they’re offered.

Particulars associated to jobs can be determined “on the native stage,” it stated.

The corporate’s shares fell 2.5% on Monday.



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