LG is reportedly exiting the smartphone market in China
Despite posting record profits last quarter, LG's mobile division recorded an operating loss of $192 million. Following the release of the financial reports, LG announced that the mobile communications division will be pulling out of the Chinese smartphone market.
According to local reports, LG cited the increase in competition from local brands, likely OPPO, Huawei, and Xiaomi. This is unsurprising given the recent report from IDC which stated that Xiaomi's share of the smartphone market grew by 97% in the last quarter. LG's mobile division has had a bad run of luck, with at least five phones being affected by a bootloop issue. The South Korean multinational recently settled a class-action lawsuit regarding the issue.
