South Korea tech giant LG Electronics recently announced its annual revenue for 2018 with an overall impressive performance when compared to the previous year. The company raked in a whopping $54.4 billion in revenue and a record profit of $2.4 billion. Unfortunately, LG Mobile still continued its downward spiral with a net loss of $700 million last year while the company’s other divisions were reporting record profits. However, the CEO of LG Electronics, Qiao Yujin, has stated that the company will not be leaving the mobile phone business anytime soon.
The CEO hinted that the company’s IOT ecosystem which includes cars and smart home appliances is built around its smartphones so there isn’t any chance the company will quit the smartphone business anytime soon. Qiao also hinted that the Korean giant is in the second year of restructuring the smartphone business. Also, he disclosed that the restructuring activity will continue until next year. He was quick to clarify that the electronics giant doesn’t intend to downsize the workforce on its smartphone division but is working hard to build consumer trust. He also hinted that the company is ready to launch a new model apparently referring to the LG G8 ThinQ.
Read Also; LG announces record profits for 2018 despite ailing mobile phone division
The report for 2018 signify the fourth straight year, totalling 15 quarters that LG Mobile has been on the losing end with a loss of $192 million in 2017. LG believes 5G phones will assist it in mounting a comeback into the high-end smartphone market that is already saturated. The G8 ThinQ is expected to be unveiled alongside the V5 ThinQ 5G, LG’s first 5G phone.
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