LG to stop making smartphones after years of losses

Electronics giant LG plans to stop making smartphones after struggling for years to compete in a market where it was once a leading player.

The South Korean conglomerate will shut down its mobile phone business and exit the “incredibly competitive” industry by July 31, it announced Monday. Rumors of the move started swirling at the beginning of 2021 as LG’s smartphone unit racked up hefty losses to the tune of about $4.5 billion in nearly six years and lagged behind larger rivals Apple and Samsung.