WASHINGTON DC: Korea’s LG is weighing whether to exit the smartphone business as it tries to figure out what to do with the money-losing mobile division.
Why it matters: LG’s struggles are similar to other big electronics companies that have struggled to gain enough of the business to turn a profit.
Driving the news: Reports LG might be seeking to get out of the smartphone began last week after Korean press reported an internal memo that mentioned the issue. LG basically confirmed as much.
“LG Electronics is exploring a variety of options in light of the headwinds facing our mobile business,” a spokesperson told Axios. “Any additional comments would be speculation.”