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LG to shut down phone business after loss

LG has announced to shut down smartphone business after facing considerable loss in business.

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LG has announced to shut down smartphone business after facing considerable loss in business.

The South Korean tech giant’s announcement has stunned the users. The company had been facing a downfall in the business. LG used to be a good competitor of Samsung and Apple. However, its value fell as the two countries took over the world. 

In a press statement, the company said the decision has been approved by its board and the company expects to fully exit the mobile phone business by the end of July. LG used to be the third-largest smartphone company in the US. Nonetheless, it made 11% of smartphone sales last year. LG said exiting the smartphone business will allow it to focus on growth areas such as electric vehicle components, connected devices, smart homes, and artificial intelligence.

The move was taken followed by the not very old rivalry against the Samsung Galaxy’s line of phones. LG could not take over against Samsung’s new line of range. The company also faced difficulty in taking up with the software to be used in the LG phones. LG’s current global share of smartphone sales is only around 2% and it shipped just 23 million phones last year compared to Samsung’s 256 million, according to Counterpoint.

LG has promised to roll out new software for its Android phone but is unable to do so as of yet. It is still working on old Android 11 in a few of its handsets. But it is not sure whether it will be able to use the Android 12 version.

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