LG Exiting Smartphone Business
Not for the first time, a big global tech name is bowing out of the cutthroat smartphone business -- Korean electronics giant LG. The company said in a press release that it is shuttering its mobile phone business unit, a decision approved by its board of directors.
LG has never been a particularly important player in the global market for such devices. It faced stiff competition not only from the durably popular Apple (NASDAQ: AAPL) iPhone but also from appealing models produced by powerful regional manufacturers such as Samsung and Xiaomi.
Image source: Getty Images.
Source Fool.com
