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LG withdraws From Producing Mobile Phones. See why

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 will now join HTC, Nokia and Blackberry amongst the fallen giants in phone production

LG now focuses on the production of electric vehicle components, connected devices and smart home as said in a statement.

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Content created and supplied by: Umarinus (via Opera News )

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