The Korean based manufacturing company has announced that they will stop producing mobile phones by july 31st due to the losses incurred, this new development has made LG the first smartphone producing company to withdraw from the mobile phone market.
The company has made over $4.6billion in 6 years which was the reason behind their withdrawal from mobile phone production.
During LG's prime days, they were the best mobile phone producers, in 2013 they were the 3rd largest mobile phone producing company behind Samsung and Apple.
The company backed out due to lack of marketing expertise and also it suffered hardware and software issues. Last year LG shipped only 23million mobile phones compared to Samsung's 256 million.
LG now focuses on the production of electric vehicle components, connected devices and smart home as said in a statement.
What do you have to say about this news? Let's hear ur view.
Content created and supplied by: Umarinus (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More