clearn.png
Tuesday April 20th, 2021 6:19AM

SKorea's LG to exit loss-making mobile phone business

By The Associated Press
Related Articles
  Contact Editor

SEOUL, South Korea (AP) — South Korean electronics maker LG said Monday it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services.

LG's board approved the shift in strategy and the company expects to fully exit the mobile phone business by the end of July, it said in a statement.

LG was once the third-largest mobile phone maker but has lost market share to Chinese and other competitors.

It was still No. 3 in North America, with a 13% market share behind Apple's 39% and Samsung's 30% as of the third-quarter of 2020, according to Counterpoint Technology Market Research.

LG earlier said it was assessing its strategy as it reported that its sales rose 5% from a year earlier in the last quarter of 2020 but profitability declined do to sluggish sales of premium products.

The company said it was selling its phone inventory and would continue to provide services and support for various periods of time depending on where they are sold.

Details related to jobs would be decided “at the local level," it said.

The company's shares fell 2.5% on Monday.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Industries, AP Business - Utilities, AP Technology News
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
SKorea's LG to exit loss-making mobile phone business
South Korean electronics maker LG says it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services
3:10AM ( 15 minutes ago )
In shinty or in golf, Robert MacIntyre shows plenty of fight
Robert MacIntyre of Scotland makes his debut in the Masters this week
3:06AM ( 19 minutes ago )
Out of obscurity, Mercedes and Mullins shine early
In the first few games of the season, hot streaks are magnified — although this performance by Yermín Mercedes would have probably stood out any time
2:54AM ( 32 minutes ago )
Associated Press (AP)
Asia Today: Philippines extends lockdown as infections spike
The Philippine government has extended a lockdown by another week after an alarming spike in coronavirus infections continued to surge and started to overwhelm many hospitals in the capital and outlying regions
1:33AM ( 1 hour ago )
Biden's big infrastructure plan hits McConnell, GOP blockade
Republicans in Congress are making the politically brazen bet that it’s more advantageous to oppose President Joe Biden’s ambitious rebuild America agenda than to lend support
12:07AM ( 3 hours ago )
Corporations gave over $50M to voting restriction backers
Corporations have given more than $50 million in recent years to state lawmakers who have seized on Donald Trump’s lies about a stolen 2020 election to push for new restrictions on the right to vote
12:06AM ( 3 hours ago )
AP Business
The Latest: Libya gets first 100K doses of vaccine
Authorities say Libya has received its first shipment of coronavirus vaccines
8:06AM ( 19 hours ago )
The Latest: Britain to trial virus certificates for events
Britain’s government is planning to trial a coronavirus status certification plan over the coming months to allow the safe return of mass gatherings at places like sports grounds and nightclubs
7:29AM ( 19 hours ago )
The Latest: Navajo Nation reports 4 new virus deaths
The Navajo Nation on Saturday reported 18 additional confirmed COVID-19 cases and four more deaths
8:22PM ( 1 day ago )
AP Business - Industries
Western rivers face pinch as another dry year takes shape
As several states in the American West face intense drought, water managers say it's shaping up to be a very difficult year for New Mexico farmers because of limited irrigation supplies
2:03PM ( 2 days ago )
Biden's 'jobs Cabinet' to sell infrastructure as GOP resists
President Joe Biden says Republicans have talked for years about the need to rebuild the nation’s infrastructure and predicts GOP lawmakers will face pressure from their supporters if they don’t act
12:03PM ( 2 days ago )
Republicans trod well-worn path to court to sue Biden
These are busy days for Republican state attorneys general, filing repeated lawsuits that claim President Joe Biden and his administration are overstepping their authority on immigration, climate change, the environment and taxes
9:52AM ( 2 days ago )
AP Business - Utilities
In shinty or in golf, Robert MacIntyre shows plenty of fight
Robert MacIntyre of Scotland makes his debut in the Masters this week
3:06AM ( 20 minutes ago )
Out of obscurity, Mercedes and Mullins shine early
In the first few games of the season, hot streaks are magnified — although this performance by Yermín Mercedes would have probably stood out any time
2:54AM ( 32 minutes ago )
Israel PM back in court as parties weigh in on his fate
Israeli Prime Minister Benjamin Netanyahu has appeared in court for the resumption of his corruption trial
2:47AM ( 38 minutes ago )
Rescue hampered by distance as more rain falls in Indonesia
Rescuers were being hampered by damaged bridges and roads and a lack of heavy equipment after torrential rains caused multiple disasters on remote eastern Indonesian islands
2:42AM ( 44 minutes ago )
AP PHOTOS: Italy ballroom dancers twirl through lockdown
Social distancing isn’t usually part of the ballroom dancing lexicon
2:41AM ( 45 minutes ago )