LG May Be Exiting the Smartphone Industry After Losing $4.5 Billion USD Over the Past Five Years

Shortly after teasing its Rollable phone at CES 2021.

By
Tech 
5,673 Hypes 6 Comments

Less than a month after teasing its upcoming Rollable smartphone during CES 2021, South Korean tech giant LG is now considering leaving the smartphone industry.

According to a report from The Korea Herald, the company will soon be making a decision in regards to the future of its smartphone business following a $4.5 billion USD loss in the sector over the past five years.  “Since the competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice,” an LG spokesperson said. “The company is considering all possible measures, including sale, withdrawal and downsizing of the smartphone business.”

The rumors suggest that a change in direction for the company would result in roughly 60 percent of the department’s current staff being displaced and reassigned to other business units or affiliates, although its CEO Kwon Bong-Seok reassured employees on Wednesday that there won’t be any layoffs: “Regardless of any change in the direction of the smartphone business operation, the employment will be maintained, so there is no need to worry,” Kwon said.

Elsewhere in tech, SpaceX is converting two offshore oil rigs into rocket launch pads.

Read Full Article

What to Read Next

Ares Design Crafts a Two-Door Tesla Model S Convertible
Automotive

Ares Design Crafts a Two-Door Tesla Model S Convertible

Equipped with a special carbon fibre aero kit.

'Snowpiercer' Announces Season 3 Renewal a Week Ahead of Season 2 Debut
Entertainment

'Snowpiercer' Announces Season 3 Renewal a Week Ahead of Season 2 Debut

Season two premiers on Netflix on January 25.

amongst few Opens New Multi-Purpose Flagship in Dubai
Fashion

amongst few Opens New Multi-Purpose Flagship in Dubai

A two-story building featuring a newly integrated barber shop and private studio.


Joey Bada$$ Celebrates 26th Birthday With New Single "Let It Breathe"
Music

Joey Bada$$ Celebrates 26th Birthday With New Single "Let It Breathe"

Also marking the sixth anniversary of his debut studio album ‘B4.Da.$$.’

Artificial Cornea Implant Helps Legally-Blind Man Regain His Sight
Tech

Artificial Cornea Implant Helps Legally-Blind Man Regain His Sight

Allowing him to read text and recognize family members.

Narke's Electrojet is a 95 Horsepower Fully-Electric Jet Ski
Automotive

Narke's Electrojet is a 95 Horsepower Fully-Electric Jet Ski

With a range of 31 miles and a top speed of 43 mph.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. By adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.