New LG CEO won’t give up on smartphone market, promises profitability by 2021
LG's latest smartphone, the LG V50. It looks boring here, but... [credit: LG ]
LG is still clinging to its dying smartphone business. The company's new CEO, Kwon Bong-seok, (who was appointed just last month!) promised a return to profitability for LG's mobile division by 2021.
"LG Electronics' mobile business is going to be profitable by 2021," Kwon told The Korea Times. "I can say we can make that happen as LG Electronics will expand our mobile lineup and steadily release new ones attached with some wow factors to woo consumers."
Kwon didn't share many details on how he plans to resurrect LG's smartphone business, which has lost money for something like 14 quarters in a row now. When asked by the Korea Times, the site said Kwon "only reiterated LG Electronics' plan to expand the phone lineup." LG sold 19 phone models each in 2019 and 2018, according to GSM Arena's database. In 2014, the last time LG Mobile reliably turned a profit, the company produced 44 phone models-is this correlation or causation?
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