• Latest
  • Trending
LG closes down Smartphone Business after heavy losses

LG closes down Smartphone Business after heavy losses

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank strikes Gold at Technnovation Awards 2022

Russia evades default through sheer force of will; Kremlin speaks

Russia evades default through sheer force of will; Kremlin speaks

Global economies struggle as oil supplies tighten, volatile stakes

G7 fixate on stricter sanctions to impose on Russia, oil rates wobble

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Russia may be driven into default, Eurobonds due in payment

Russia may be driven into default, Eurobonds due in payment

Asia shares falls on worries over inflation, Fed outlook

An insightful glimpse of the market during the inflation period

Russia’s Sovcomflot managed to strike deals despite sanctions

Russia’s Sovcomflot managed to strike deals despite sanctions

Airbus revives plan for new single-aisle jet plant in Toulouse

Airbus A380 on the roll again, overlooking oil prices

Fed’s stress test on bank health results roll out on Thursday

Fed’s stress test on bank health results roll out on Thursday

King Coffee Wins Two Prestigious Awards at the Global Business Review Awards 2022

King Coffee Wins Two Prestigious Awards at the Global Business Review Awards 2022

Stock and Crypto CFD Are Now Available for Trading on Fullerton Markets’ MT5 Platform

Stock and Crypto CFD Are Now Available for Trading on Fullerton Markets’ MT5 Platform

Global Business Review Magazine
Saturday, July 2, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

LG closes down Smartphone Business after heavy losses

LG closes down Smartphone Business after heavy losses

LG is a South Korea based electronics company, which is very well known across the nations. It has incurred heavy losses of around $4.5 billion for the past 6 years. Hence, now the LG Electronics has made a statement that they are going to shut down their smartphone business. This decision was approved by the board directors also.

LG was talking about options for divisions in the January. The areas of potential incremental growth like connected devices, electric vehicle components, robotics, business to business solutions, artificial intelligence and smart homes will be focussed more now as the company has exited its mobile sector. The company’s 7.4% revenue has been accounted by smartphones. Its global market share is 2%. As per the company there will not be any potential layoffs, but details associated with employment will be determined at the local level.

YOU MAY ALSO LIKE

Russia’s Sovcomflot managed to strike deals despite sanctions

Airbus A380 on the roll again, overlooking oil prices

Depending upon the varying regions, LG has put the existing stock of phones on sale with software support and updates for a period of time. It also will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. LG was the largest smartphone marker in 2013, with multiple innovations like ultra-wide-angle camera. Then it has suffered both hardware and software issues and incurred heavy loss. LG will continue to leverage its mobile expertise and develop mobility related technologies such as 6G to help further strengthen competitiveness in other areas of business. Their 2 decades of work in Core technologies will also be retained and applied to existing and future products.

In North America LG ranks as the third most popular brand, but it didn’t get the same reception in other markets. This decision to pull out will leave its 9 percent share in North America, in December 2020 as per a Counterpoint Research. In 2020, the company had shipped 28 million phones as per the statement from the company. By July 31, the details of the smartphone business will be completed. Although, inventory of some existing models may still be available after that. This move makes it the first major smartphone brand to withdraw from the market.

Tags: LGSmartphone Business
ShareTweetShare

Search

No Result
View All Result

Recent News

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank strikes Gold at Technnovation Awards 2022

Russia evades default through sheer force of will; Kremlin speaks

Russia evades default through sheer force of will; Kremlin speaks

Global economies struggle as oil supplies tighten, volatile stakes

G7 fixate on stricter sanctions to impose on Russia, oil rates wobble

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Russia may be driven into default, Eurobonds due in payment

Russia may be driven into default, Eurobonds due in payment

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • People’s Bank strikes Gold at Technnovation Awards 2022
  • Russia evades default through sheer force of will; Kremlin speaks
  • G7 fixate on stricter sanctions to impose on Russia, oil rates wobble
  • People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme
  • People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version