LG Exiting Smartphone Business
Business news

The company said in a press release that it is shuttering its mobile phone business unit, a decision approved by its board of directors. 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. At that point, Apple had 21% and Samsung was nipping at its heels with 16%.

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