After years of trying to change its fortunes, Korean LG said it would leave the mobile phone business globally.
Between the lines: The telephony business is difficult to be profitable for everyone, except for the biggest players. LG was once one of them, but it hasn’t been for many years and there was no clear way to change that.
- “LG’s strategic decision to leave the incredibly competitive mobile phone industry will allow the company to focus resources on areas of growth, such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services, “the company said in a statement.
- LG said several months ago that it was reviewing its options, including a possible exit from the deal.
Of importance: LG said it will take until July to close its business and sell the current stock.
- LG said it will continue to provide services and support for phones for a period of time.