LG Electronics today declared it will withdraw from the mobile business. The company’s mobile market has been in the red since the second quarter of 2015. Even though the tech firm explored all possible options to survive in the market, nothing gave admirable results in fighting back its rival Samsung and Chinese players.
It was only 6 years back when the business of LG made some profit. Its accumulated operating losses approached the US $4.4 billion last year.
The South Korean company announced in a regulatory filing that its mobile communications unit will no longer manufacture and sell handsets after July 31.
However, the company said it will ultimately improve its financial status and management efficiency in other growth fields such as LG include electric vehicle components, smart home products, connected devices, robotics and artificial intelligence among other products and services.
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