LG has recently shown their flagship rollable display in CES 2021, which will be used in flagship smartphones and now the latest rumors come inside the company that LG is considering an exit from the competitive smartphone market. an LG official said, as per a report. A fresh report suggests that LG is considering moving 60 percent of its staff to other business units within the company or to other LG affiliates. The future of the rest 40 percent of the staff is still a mystery.
The
Korea Herald reports that LG CEO Kwon Bong-Seok has sent out an email to its
employees explaining the intention to shut down its smartphone business. The
company has reportedly lost about $4.5 billion (roughly Rs. 32856 crores) over
the past five years, and an official claims that it was time for LG to make a
move. “Since the competition in the global market for mobile devices is getting
aggressive. it is about an ideal opportunity for LG to make a
chilly judgment and the most ideal decision. The organization is thinking about
all potential measures, including deal, withdrawal and scaling back of the
smartphone business," an LG official told the publication
A year ago, LG
presented the double screen Velvet and flip LG Wing handsets with the mean to
stick out and offer an extraordinary experience.
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