Losses in the mobile phone business have led South Korean electronics company LG to abandon phone production and instead focus more on profitable items, including electric vehicle components, robotics and artificial intelligence.
Following approval by the company's board of directors, LG
announced the changes on Monday and expects to exit the phone industry entirely
in July. The company's shares fell 2.5% on Monday after the announcement,
according to the Associated Press.
"LG has recently made the difficult decision to close
its mobile business to focus on other businesses that will provide new
experiences and value for consumers," the company said.
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