04/05/2021 at 09:24 CEST
LG Electronics said this Monday that it would shut down its smartphone business for generating losses. In January, the South Korean electronics giant said it was considering all options for the division after nearly six years of losses totaling about $ 4.5 billion. LG had made many innovations, including wide-angle cameras, and made it to the third-largest smartphone maker in 2013. But bosses said the mobile phone market had become “incredibly competitive.”
While Samsung and Apple are the two biggest players In the smartphone market, LG has suffered its own hardware and software problems. While LG struggled with losses, it had held talks to sell part of the business, but they failed.
It still ranks as the third most popular brand in North America, but has fallen in other markets. LG phones are still quite common in the South Korean domestic market. Last year it shipped 28 million phones, compared to 256 million Samsung, according to research firm Counterpoint. The data has been expanded this morning by the BBC media.