When LG decided to quit the smartphone business, there were probably some who felt that this was a bad idea because it meant exiting a very huge and lucrative market. But as it turns out, it was a very financially smart move because according to LG’s latest Q2 earnings, the company is making more money than before.
Based on the figures, LG recorded the most revenue ever for a Q2 earnings report at around $14.7 billion, an increase of 15% from the same Q2 period back in 2021, and all of this was done without the company’s smartphone division.
Keep in mind that when LG was making and selling its smartphones, it was actually a money-losing business as they recorded quarterly losses year after year, affecting the company’s overall financial health. Now that they are no longer doing that, it seems that things are rebounding once again.
LG did make some pretty innovative handsets back in the day and the company really tried all kinds of ways to appeal to the market, but unfortunately it never quite stuck. The company isn’t completely out of the game yet as they still manufacture OLED panels which are used by some smartphone makers.
Source: Android Police