LG completely shut down mobile business, becomes first company to close after losses

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South Korean company LG announced on Monday that it was shutting down its mobile business altogether. Let me tell you, for the last six years, the company was continuously facing losses in the mobile segment, due to which the company has now decided to discontinue it. LG has a global share of only 2 percent in the smartphone market. According to research provider Counterpoint, LG shipped 23 million phones last year, compared to 256 million phones shipped by Samsung. After incurring continuous losses in the business, the company has finally decided to shut it down.

According to the Reuters report, LG has announced the closure of its mobile business. The company has been facing losses in its mobile division for the last six years. The company has said in its statement that keeping in view the losses in the mobile segment continuously, the company has now closed it, so that the company can focus on its other areas such as electric vehicle components, connected devices and smart homes, etc.

As it has been mentioned that LG had been incurring losses for the past several years, while news had been coming for some time that the company is going to close its mobile segment business in a few days. However, no official statement in this regard was issued by the company then. But now the company has cemented all previous leaks with an announcement to close the business.

It is being told that the company will shift the employees of its smartphone division to another LG Electronics business.

The statement also said that even if the company is ending its mobile business, the company will continue to provide facilities like service support and software updates for existing mobile products.

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