The Korea Times reports LG is pulling out of the smartphone business after having failed to make a profit the past few years.
“LG Electronics appears to have pulled out of its money-losing smartphone business and is relocating its mobile communications staff to other businesses,” The Korea Times reported.
LG has been losing money for a while, despite designing some truly innovative devices. Despite attention from Volkswagen and Vingroup JSC, the company has failed to turn its mobile business around.
A few months back, LG told the media it wasn’t shutting down its mobile business. In fact, the company was said to be working on new devices, even teasing the LG Rollable. The phone was expected to offer a “unique transforming screen.”
If LG does close, this means whatever it had planned for 2021 is over. LG’s absence would be a huge loss to Android since the company’s come up with some great ideas. LG also helped create stellar phones like the Nexus 5 and Pixel 2 XL.
“We will announce our specific direction for mobile communications next month,” a company spokesperson told The Korea Times.
Today is April 1, so we need an official word from LG. An announcement supposedly comes on April 5, so it won’t be long before we hear for sure.