LG may be on the verge of abandoning its smartphone market.
The speculation first surfaced in January, when it was reported that the group was considering selling, downsizing, or shuttering its cash-losing mobile division.
According to The Korea Times, LG has made the decision to exit the smartphone market.
LG allegedly attempted to sell its smartphone division to many interested parties but was unable to negotiate a deal with any of them, according to the outlet’s sources.
At its board meeting on Monday, April 5, the company is scheduled to make a formal statement about the shutdown of its smartphone division.
LG told the outlet that “any prospect” is possible and that the company “will announce the precise course” of its mobile communications operation.
There’s no denying that LG’s mobile business hasn’t made a profit since 2014, and the company’s worldwide smartphone market share has plummeted in recent years.
Nonetheless, at its January CES launch, the firm teased a rollable smartphone. The company insisted a few days later that the phone is “a true thing” that will be released in 2021.
