After heavy losses over the past five years, LG It is evaluating whether it can continue to compete in the smartphone market and 2021 would probably be its last year in this area.
This decision is not so surprising if we think that the competition between smartphone technologies is increasingly fierce, and despite the fact that LG was a notable developer for modern smartphones, it seems that it was not enough to survive in this industry.
In accordance with Gamerant, the company reported losses of about $ 4.5 billion over the past five years, he CEO of LG Kwon Bong-seok He expressed that the accelerated growth of the market is one of the reasons why they would withdraw from the game.
This became known after an internal report circulated announcing to the company’s employees a possible elimination of its branch for smartphones. The incredible thing is that not long ago we learned about the collaboration between this brand and Cyberpunk 2077, as well as an association still in force with Xbox.
The final decision has not been made yet, so there is hope for LG
Apparently nothing is set in stone yet, however Kwon Bong-seok confirmed that this report was real, and that the company is considering ‘making the decision that is necessary’, but that everyone should be aware, whatever the end result.
And we just think that their direct competitors are brands like Apple, Samsung and Huawei, who have seen their businesses grow exponentially in recent years.
Something that LG it has not been able to match, lagging more and more in the market, despite including new features like the G5 a couple of years ago.
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Have you ever given smartphones the opportunity to LG?