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LG won't exit the smartphone market despite losses

Despite suffering from losses for 15 consecutive quarters, LG is not giving up on its smartphone business.
LG won't exit the smartphone market despite losses

LG lost USD 1.1 billion in 2016, USD 644 million in 2017, and USD 440 million in 2018. StrategyAnalytics said that LG's global market share is just 1.9 percent. According to IDC, OPPO who is in the top 5 of the global market share has 8.1 percent.

LG's setbacks have forced the Korean company to exit the Chinese smartphone market.

LG is not giving up!

LG recently denied the closure of their mobile phone division in the Philippines, but a lot of their mobile phone stores have already closed. A lot of dealers are not carrying LG in the country as well.

But, LG Electronics CEO, Qiao Yujin, said that although LG mobile phone business has suffered losses in recent years, LG will not give up the mobile phone business.

Qiao Yujin said that the mobile phones will play an important role in LG’s IoT ecosystem. It is the reason why they are still committed to its smartphones.

LG's business portfolio includes cars and home appliances, both of which are related to smartphones, so we have not considered exiting the smartphone business, said LG Electronics CEO, Qiao Yujin

He added that LG ii in the second year of restructuring the smartphone business. Its restructuring activity will continue until next year.

What do you guys think? Can LG comeback?

Source: GizChina
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