LG says it might quit the smartphone market

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  The LG Velvet is LG’s closest thing to a normal flagship right now. With only a non-flagship Snapdragon 765G SoC, the company has opted out of the flagship market. [credit: LG ]

As usual, things are not looking good for LG’s phone division. As reported by The Korea Herald, LG Electronics CEO Kwon Bong-Seok sent out a staff-wide memo that the company was considering making major changes to its smartphone division, including possibly quitting the smartphone business.

Last week, Korean news outlet TheElec also wrote about this memo in a now-deleted post. The post was deleted because LG brutally debunked the report, calling it “completely false and without merit.” This week, LG is confirming basically the same memo report from the Korea Herald, complete with comments from LG. The Verge also got a thumbs-up from LG about the report.

“Since the competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice,” an LG official told the Korea Herald. “The company is considering all possible measures, including sale, withdrawal, and downsizing of the smartphone business.”