South Korean electronics company LG Electronics is moving away from the smartphone business. The company said on Monday that it had to make such a decision due to losses.
According to the international media, LG had hinted to close the smartphone division last January. At the time, the company reported a total loss of 4.5 billion in the last six years.
Earlier, talks began to sell some parts of the business to Vietnam’s Vingroup, but in the end the talks broke down due to differences of opinion.
At the beginning of 2013, LG became the third-largest smartphone manufacturer in the world. The company is currently ranked number three in North America and number five in Latin America in terms of market share. Its share in the world is only 2 percent.
