LG considers exiting smartphones in 2021
LG is considering exiting the smartphone market in 2021. After losing around $4.5 billion over the past five years, LG’s smartphone business has been struggling to compete with rivals. Now LG CEO Kwon Bong-seok has notified employees that the company is considering making big changes to its smartphone business.
The Korea Herald reports that Kwon Bong-seok sent out an internal memo to staff on Wednesday, hinting at a change in direction for LG’s phone business. “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,” says an LG official in a statement to The Korea Herald. “The company is considering all possible measures, including sale,…