LG smartphone business officially shutting down - Android

The inevitable has happened. LG has officially confirmed that it has decided to shut down its smartphone business. The announcement was made through an official blog post. The company will not be producing or releasing any new smartphones moving forward and only the existing stock will be available for purchase.

The post describes the move as a strategic decision to cut the company's losses and invest money in other ventures. LG used to have a strong position in the market but for the last few years, it has been suffering huge losses each quarter. It registered a loss of $751 million last year. This is the reason such a move was anticipated for a long time and does not come as a surprise.

It was in January 2021 when we first started to hear whispers of LG considering ending its smartphone division. There were even talks of the company selling the business but as things have turned out, it seems like a final deal could not be reached with any of the potential buyers. LG expects the shutdown process to get completed by July 31st but has not talked about what would happen with the employees working in the division.

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