When the company has been losing money for the past six years, there are few options for keeping it afloat. In the case of LG Mobile, dropping all future attempts seems to be the most likely outcome. According to a new report from The Korea Times, LG will announce its exit from the smartphone market as soon as next week, citing industry sources.
According to the paper, an official announcement will be made next week, on April 5, after the LG board meeting determines the mobile division’s long-term fate. LG officially went after talks to sell its mobile division just last week, but the deal fell through.
According to an LG Electronics official, the company is exploring a number of strategies for its mobile market, including selling the entire division, splitting it up, and exiting the smartphone business entirely. Furthermore, just a few days ago, reports circulated on Twitter that LG Mobile workers would be moved to the home appliances division.
For the time being, all we can do is wait for Monday’s board meeting to learn LG Mobile’s official position on the company’s future.