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 1.1 billion loss in 2016, USD 644 million in 2017, and USD 440 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.