If you are interested in LG smartphones then there is bad news for you. South Korean company LG Electronics said Monday it would stop production and sales of its damaged smartphone division. That means you won’t find LG smartphones on the market anytime soon. This is the first big announcement where any big brand is completely coming out of the smartphone market. This has been said in a report of Reuters. The LG India website states that our mobile products will be available in the market as long as the supply lasts.
LG has brought a lot of innovations in smartphones
LG Electronics announced in January that it was considering all options for its business. LG has lost about সাড়ে 4.5 billion. Sources familiar with the matter said some parts of the business were not successful due to the terms of the negotiating agreement to sell to Vietnam’s Wingroup. LG has brought many innovations in the smartphone market including ultra-wide angle cameras.
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LG is the third largest smartphone maker
In the first half of 2013, LG Electronics became the world’s third largest smartphone maker after Samsung and Apple. Since then, however, LG’s flagship models have lagged behind in both software and hardware. Gradual software updates have also shocked the company’s smartphones. Experts have also criticized LG for its lack of marketing skills compared to competing Chinese companies.
LG’s market share is close to 2 percent
LG is currently the No. 3 brand in North America and No. 5 in Latin America. However, its global market share is only around 2%. Counterpoint Research says LG shipped 23 million smartphones last year, with Samsung shipping 25 million units during the period. The smartphone segment is the smallest of LG’s 5 segments. Its share of revenue in the fourth quarter was just .4 percent.