LG Looking to Shut Down Smartphone Business After Failing to Find a Buyer
LG is looking to close down its entire smartphone division after failing to find a buyer for the ailing section of its business, according to the Korea Herald.
In January, LG announced that it was considering options for an exit from the smartphone industry, "including sale, withdrawal and downsizing." Though LG was once the world's third-largest smartphone maker and a sizeable competitor to Apple in the industry, the company's smartphone business has seen declining shipments and accrued losses of $4.5 billion over the past five years, leading to the need for an urgent re-evaluation of the division.
LG reportedly entered talks with Vietnam's Vingroup and automaker Volkswagen about purchasing the company's smartphone business, but negotiations did not lead to an agreement. Although the decision has yet to be confirmed, industry insiders report that LG is now likely to shut down its smartphone business instead of selling it. A source speaking to the Korea Herald explained:
LG reportedly had talks with others over the sale of the unit but apparently there was not much progress in their negotiations. It seems that selling its entire mobile business appears to be difficult at this moment, as is the partial sale of the unit.
With LG's internal restructuring plan now reaching its conclusion and no buyer having been found, the company is said to be leaning toward cutting its losses by closing the smartphone division fully.
LG's recently announced smartphone projects, such as "Rainbow" and "Rollable," are believed to have been scrapped, as the company looks to utilize its existing mobile workforce elsewhere in the business, such as the vehicle component solutions division.
LG is expected to publicize the decision about its smartphone business unit next month after a board meeting.
Top Stories
LG has "no plans" to update its pre-2019 TVs with AirPlay 2 or HomeKit support, despite previously giving customers assurances that they would do so this year.
In April, LG indicated in a support document that it planned to add AirPlay 2 and HomeKit support to some of its 2018 smart TVs by October 2020, including LCD models with "SK" or "UK" in the name and OLED models with "B8" through "Z8" ...
After five grueling years of financial losses and uncertainty about the future of its mobile handsets, LG Electronics today announced its intention to shut down its smartphone division.
In a press release, LG says the decision to shut down its smartphone business will allow it to focus on other sectors such as artificial intelligence, home computing, and business-to-business solutions.
LG's ...
Apple is hiring for a Business Development Manager with experience in alternative payments, including cryptocurrency, according to a recent job listing.
In the job listing, spotted by CoinDesk, Apple explained that it is looking for Business Development Manager in alternative payments:The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager...
There's a curious bug in the Apple Maps app that's affecting Australians, which appears to be caused by a bad data set. Multiple complaints on Twitter suggest that Apple Maps is listing certain businesses incorrectly, directing Australians to residential areas rather than the actual business location. An erroneous hospital listing located near Twitter user Russell Ivanovic Apple Maps appears...
LG today announced the worldwide rollout of its 2021 sound bar lineup, complete with AirPlay 2 support for wirelessly streaming audio from Apple devices like the iPhone, iPad, and Mac. The sound bars also support Google Assistant and Amazon Alexa.
All of the 2021 sound bars support both the Dolby Atmos and DTS:X surround sound formats, while an "AI Room Calibration" feature promises optimal...
Apple is set to surpass Samsung as the largest purchaser of AMOLED displays for smartphones later this year following the release of the iPhone 13 lineup, which will push the adoption of flexible AMOLED displays in iPhones to 80%, according to a new report from DigiTimes.
Apple adopted flexible AMOLED displays for its entire iPhone 12 lineup and is expected to continue doing so for the 2021...
The two premium "Pro" models of the upcoming iPhone 13 lineup will be equipped with a low-power LTPO display, enabling the iPhones to have a 120Hz refresh rate, according to industry sources cited by Taiwanese publication DigiTimes.
According to today's paywalled report, Apple suppliers Samsung and LG Display are in the process of converting parts of their production capacity to produce LTPO ...
LG announced it will launch the world's first rollable smartphone this year, as it offered a sneak peek of the device at CES 2021 with a five-second teaser video. The clip features a smartphone held in landscape orientation as the display rolls in from an expanded tablet-style form factor screen into a more compact chassis. The hybrid handset is said to be based on flexible organic...
With Apple now enforcing its App Tracking Transparency rules with the release of iOS 14.5, The Wall Street Journal's Joanna Stern did an interview with Apple software engineering chief Craig Federighi to talk about Apple's aim with the feature and how it works.
For those unfamiliar with App Tracking Transparency, it requires app developers to get express user permission before accessing a...
MacRumors is an Apple-focused site, but sometimes we like to share notable new features that Apple's competitors add to their devices, as a look at what Apple might explore in the future and just to keep tabs on what other companies are up to. Oppo recently released a smartphone with a microscope lens, and we thought it would be fun to check it out and see how it works in our latest YouTube...
Top Rated Comments