So long, LG.
LG – one of South Korea’s tech giants – confirmed its exit from the smartphone market worldwide as the company eyes to focus on other market segments including “electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.”
As reported by the likes of BBC, the company’s decision was due to the “incredibly competitive” nature of the smartphone business. This move will be in a phased manner, with the company at first intending to clear out existing stock and also continuing to provide service support and software updates to its products.
No announcement has been released about possible layoffs.
The company’s fall was actually already expected, since its losses for the past six years reached approximately $4.5 billion.
