LG to stop making smartphones
South Korea’s LG Electronics announced that it is getting out of the smartphone market after years of revenue problems. According to statistics, LG was once the number three smartphone maker after Apple and Samsung but has lost market share over the last six-seven years.
”LG has made the difficult decision to close its mobile phone business to focus on other businesses that will provide new experiences and value for consumers”, the company said on its website.
Today, its global market share is about 2%. It sold 23 million phones last year while South Korean colleague Samsung, according to research firm Counterpoint. Among its best markets are North America and Latin America.
LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region, the company announced.
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