LG to continue smartphone business despite financial losses

LG has announced that despite the financial losses that the company encountered in the smartphone business, they will not exit the mobile phone industry.

In 2018, LG exited the Chinese smartphone market, then just this month new reports have indicated that the company is also leaving the Philippines. But according to  LG Electronics CEO, Qiao Yujin, the company is not giving up on the business.

“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.” – Qiao Yujin, LG Electronics CEO

The company has suffered a USD 1.1PHP 65INR 93EUR 1CNY 8 billion loss in 2016, USD 644 million in 2017, and USD 440PHP 25,822INR 37,290EUR 419CNY 3,202 million in 2018. However, Yujin stated that they are in the second year of restructuring the smartphone business and this activity will continue until next year.

Source: GizChina