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LG to shut down its smartphone business

Date: 07 April 2021 Tags: IT, Mobile & Computers
  • South Korea’s LG Electronics is closing its mobile business unit after nearly six years of losses totalling $4.5 billion. The move makes it the first major smartphone brand to withdraw from the market.
  • LG said the mobile phone business will wind down by July 31, although inventory of some existing models may still be available post that.
  • LG’s exit would present an opportunity to Apple and Samsung to gain more customers, especially in the US where LG’s market share was 9% in December 2020.