Petteri Pyyny
1 Apr 2021 9:11
Korean tech giant LG is reported to end its mobile phone business line completely.
Company's phone business has been a loss-maker for more than 6 years now and company has previously announced that it is seeking for "various options" for its mobile phone business. Now, according to Korean sources it seems that company has made a decision to quit the mobile phone business completely.
According to the reports by The Korean Times, LG will shift its current mobile phone workforce to company's other business segments and to cease the mobile phone business for good.
Meanwhile, LG's shares have soared in Korean stock market, boosted by strong demand for its flat-screen TVs and home appliances. It has also grown to be one of the biggest component providers for electronic vehicles, boosted by its strong presence in battery manufacturing business.
Company hasn't officially confirmed the rumors about its mobile phone business yet, but according to The Korean Times, such announcement is expected on early next week.