After losing around $4.5 billion over the past five years, LG is considering exiting the smartphone market in 2021. The Verge reports: The Korea Herald reports that [LG CEO 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, withdrawal and downsizing of the smartphone business.” LG confirmed the internal memo was genuine in a statement to The Verge, noting that nothing has been decided yet. “LG Electronics management is committed to making whatever decision is necessary to resolve its mobile business challenges in 2021,” says an LG spokesperson. “As of today, nothing has been finalized.”
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Source:: Slashdot