LG officially announces the shuttering of its smartphone business
The rumors were true after all. South Korean electronics giant LG has today officially announced that it is shutting down its phone business. After failing to find a buyer, the company is making an exit from the smartphone market. However, the decision is not surprising at all, as the company’s phone business has failed to turn a profit for a while now, and continued to bleed money despite LG trying to innovate with products such as the swiveling screen LG Wing and the upcoming LG Rollable. Following its phone business goodbye, the company will internally relocate the employees from its smartphone division to other departments.
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