LG Electronics has announced that it will be closing down its smartphone business. This makes it the first major smartphone brand to completely withdraw from the market. LG says it will now concentrate on other electronic goods. It is still doing well in other areas.

What is LG Electronics?

LG Electronics is a South Korean multinational electronics company. Its headquarters is in Seoul, the capital of South Korea. It is the world’s second best-selling TV brand after Samsung.

LG was the third-largest smartphone maker in 2013. But since then, its products have faced many software and hardware problems. It lost around US$4.5 billion over the last six years. As the losses increased, LG held talks to sell part of the business but it did not work.

LG phones are still popular in North America and South Korea. But currently, it has a very small share of the global smartphone market. Last year it sold 28 million phones, comparing to 256 million for Samsung.

LG will continue to provide support and software updates for existing smartphone customers. But the closing will be finalised by the end of July.

 

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