Before the end of March, the rumor mill ramped up expectations that LG might be ready to call it quits in the smartphone business. And sure enough, the company has confirmed those plans.
Late on Sunday night, the Life’s Good crew officially announced that the company will be stepping away from the smartphone business, and shutting down those efforts entirely. There has been a growing uncertainty within the company for quite some time, which includes losing over $4 million over the last five years.
Per the company’s announcement, LG will be shutting down its mobile business across the globe. The company also confirmed that its board of directors have already approved the move.
Per the announcement today:
LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.
LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level.
LG isn’t giving up on the mobile industry, though. The company says that it will continue to “leverage its mobile expertise and develop mobility-related technologies”, which will include the push into 6G. The last two decades of “mobile business operations” will also be used in other products down the line, per yesterday’s announcement.
As mentioned above, it’s been a long time coming, but unfortunately the time has come for LG to throw it in. So, pour one out for the company that has made some wild phones over the years.