To say that LG has had a rough go-of-it when it comes to the smartphone market over the last five years, would be the understatement of the decade. The company has been hemorrhaging money left and right, as it continues to try and recapture the glory of the old days, yet coming up short year after year.
In fact, LG has lost about $4.5 billion over the past five years, as it continued to try and innovate and change its market strategy. But Samsung and Apple continued to dominate the market, and LG was not able to make much of a dent.
It’s tough for a company to attempt to fill even a niche market, as we’ve seen with the LG V-series of devices that continue to include a high-quality DAC for audiophiles. But if a company is losing money hand-over-fist, sometimes it’s best to just call it quits.
In a report from The Korea Herald, LG’s CEO, Kwon Bong-seok, suggested that the company would be making some radical changes when it comes to its “smartphone business”. Speaking to the Herald, an LG official shared the following:
“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. “The company is considering all possible measures, including sale, withdrawal and downsizing of the smartphone business.”
While the move really is not all that surprising, this report comes on the heels of LG showing off an unannounced smartphone with a rollable display, named the LG Rollable. This is the company’s latest attempt, along with others, to innovate in the smartphone market with a truly unique design.
We won’t roll out the black flags yet, but it might be time to warm up the band as we could have seen the last official release of an LG smartphone.