South Korean LG company today announces that they are shutting down there smartphone business completed and withdrawing them self from the s...
South Korean LG company today announces that they are shutting down there smartphone business completed and withdrawing them self from the smartphone market. This news came after LG suffered the loss for continuously six years.
The smartphone sector of the LG company suffered a total of $4.5 billion(Approx. Rs 33k Cr) in the last six years.
At current time the global share of the LG smartphone is 2 percent which is equivalent to 23 million devices where on other hand Samsung stands with 256 million devices, this stats are provided by researcher Counterpoint.
As LG company is the first to announce the complete shut down of the smartphone sector and in future we might get the same news for Nokia, HTC and Blackberry as their existent is similar to LG, which started with a high node but unable to compete in the current market.
Closing down the smartphone sector might boost the LG company overall revenue as now they will focus on the other sectors and the employees of the smartphone division will transferred to the other LG divisions like LG Electronic Business.
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