At some point in business there may come a time when money doesn’t flow in like it used to. Take HTC for example. They had some great years when smartphones first started coming to the market. You’d see them just about everywhere. Then over the years, they started to slow down on production and only announced a handful of devices each year but never really were able to turn a profit from what they sold. Unfortunately, LG is in that same boat but they are looking to turn that around by 2021.
At CES 2020, Chief Executive Kwon Bong-Seok spoke about the mobile business and how they’ll expand their mobile lineup by releasing some new wow factors on their devices. Of course, not much was iterated as far as what “wow factors” will be coming to future phones, but his level of confidence is there for a competitive market.
“LG Electronics mobile business is going to be profitable by 2021. 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.”LG Chief Executive Kwon Bong-Seok
At the beginning of 2019, LG reported a loss of US$72.5 million from the last three months of 2018 because of the mobile division failing and saw a drop of 40% throughout the 2018 year. Of course, with it being a new year, LG will likely be announcing the LG G9/V60 (or whatever they end up calling it) at some point, which could help the company out when it comes to meeting their profit goals.
Sure, wow factors could be what LG needs, and we’ve already seen one such factor with the LG G8X ThinQ Dual Screen (check back soon for our full review). But will wow factor features be enough for LG’s mobile division to start turning a profit again? What do you think? Let us know in the comments below or on Twitter, Facebook, or MeWe and be sure to follow the rest of our CES 2020 coverage.[button link=”https://www.engadget.com/2020/01/09/lg-vow-failing-mobile-unit-profitable-2021/” icon=”fa-external-link” side=”left” target=”blank” color=”285b5e” textcolor=”ffffff”]Source: Engadget[/button]
Last Updated on February 3, 2021.