When you think of smartphones, there is a good chance that LG might be one of the brands that comes to mind. Now LG is by no means a small player and they have been around for quite some time, however it seems that despite having been around for a while, the company appears to be losing money on the mobile front.
The company has announced its latest financials (via Engadget) where they have reported a loss of around $130.5 million from its mobile division. With the latest financial figures, it means that LG would have lost over $400 million this year alone on smartphones, but despite nearly losing half a billion in 2018, it looks like LG is still plodding on with its smartphones.
According to LG, “The rollout of its high-end V40 ThinQ smartphone is expected to boost sales in the fourth quarter. With its business improvement strategy proceeding as planned, the company continues to consolidate and implement a more profitable foundation.” The company also notes that its loss might have been greater had it not been for their mid-rangers.
That being said, LG is not alone in losing money on smartphones. As the market starts maturing, we are seeing more established players start to drop out. For example Sony has already pulled out of several markets, while HTC has sold their smartphone team to Google.
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