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SEOUL, South Korea — South Korean electronics maker LG said Monday it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services.
LG's board approved the shift in strategy and the company expects to fully exit the mobile phone business by the end of July, it said in a statement.
LG was once the third-largest mobile phone maker but has lost market share to Chinese and other competitors.
It was still No. 3 in North America, with a 13% market share behind Apple's 39% and Samsung's 30% as of the third-quarter of 2020, according to Counterpoint Technology Market Research.
South Korean electronics maker LG said Monday it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services.
LG was known for pushing the envelope with its smartphones. In 2013, it came out with a curved smartphone screen, making it one of the first electronics makers at the time to debut the technology for the mass market.
Two years later, the company wowed experts with the high-end photo-taking capabilities of its LG G4. CNN Business' former tech editor David Goldman opined it "might be the best smartphone camera on the planet."
And last year, LG unveiled the WING 5G, a 5G-enabled smartphone that came with two screens. One of the screens could rotate up to 90 degrees, with the aim of letting users toggle different apps at the same time and multitask more easily.
The company's last big splash came just three months ago, when it revealed a phone that could be rolled up to turn into a tablet.
LG said at the time that the device would launch sometime this year, though the company confirmed to CNN Business on Monday that it won't now be released.
LG said it was assessing its strategy as it reported that its sales rose 5% from a year earlier in the last quarter of 2020 but profitability declined do to sluggish sales of premium products.
The company said it was selling its phone inventory and would continue to provide services and support for various periods of time depending on where they are sold.
Details related to jobs would be decided "at the local level," it said.
The company's shares fell 2.5% on Monday.
Year in review: Best-performing tech stocks of 2020
Tech stocks in 2020 saw significant overall gains despite it being a volatile year of record-breaking lows and highs. The year started and ended bullish, with long stretches of immense uncertainty.
Massive sell-offs beginning in February amid the coronavirus outbreak caused a stock market crash on March 9, representing the biggest point plunge in the Dow Jones Industrial Average (DJIA) history. By the end of the year, however, the market saw record highs. These historic ups and downs of 2020 made for a volatile market, but proved out again the value in investors being more mindful of long-term performance rather than hourly (or monthly) changes.
Stacker compiled a list of the best performing tech stocks of 2020 using data from IEX Cloud. Information technology and communication services stocks in the S&P 500 were considered. Stocks are ranked by total return.
Overall, in a year that put the vast majority of the world into lockdown mode, businesses with tech elements saw stocks do extremely well—from gaming and social media to video software and e-commerce. The stocks represented here don’t necessarily represent the best stocks to invest in currently, just as not all investments work for all portfolios. Keep reading to see which tech stocks performed best in 2020.
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#50. Broadridge Financial Solutions
- Total return: 25.8%
- Price return: 24.0%
- Dividend return: 1.8%
- Ticker: BR
#49. F5 Networks
- Total return: 26.0%
- Price return: 26.0%
- Dividend return: 0.0%
- Ticker: FFIV
#48. Analog Devices Inc.
- Total return: 26.4%
- Price return: 24.3%
- Dividend return: 2.1%
- Ticker: ADI
#47. Corning Inc.
- Total return: 26.7%
- Price return: 23.7%
- Dividend return: 3.0%
- Ticker: GLW
#46. Skyworks Solutions
- Total return: 28.0%
- Price return: 26.5%
- Dividend return: 1.6%
- Ticker: SWKS
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#45. TE Connectivity Ltd.
- Total return: 28.3%
- Price return: 26.3%
- Dividend return: 2.0%
- Ticker: TEL
#44. News Corp. Class A
- Total return: 28.5%
- Price return: 27.1%
- Dividend return: 1.4%
- Ticker: NWSA
#43. Keysight Technologies
- Total return: 28.7%
- Price return: 28.7%
- Dividend return: 0.0%
- Ticker: KEYS
#42. NortonLifeLock
- Total return: -16.6%
- Price return: -18.6%
- Dividend return: 2.0%
- Ticker: NLOK
#41. Texas Instruments
- Total return: 30.8%
- Price return: 27.9%
- Dividend return: 2.9%
- Ticker: TXN
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#40. Alphabet Inc. (Class A)
- Total return: 30.9%
- Price return: 30.9%
- Dividend return: 0.0%
- Ticker: GOOGL
#39. Facebook Inc.
- Total return: 33.1%
- Price return: 33.1%
- Dividend return: 0.0%
- Ticker: FB
#38. Microchip Technology
- Total return: 33.3%
- Price return: 31.9%
- Dividend return: 1.4%
- Ticker: MCHP
#37. Cognizant Technology Solutions
- Total return: 33.6%
- Price return: 32.1%
- Dividend return: 1.4%
- Ticker: CTSH
#36. Electronic Arts
- Total return: 33.7%
- Price return: 33.6%
- Dividend return: 0.2%
- Ticker: EA
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#35. Charter Communications
- Total return: 36.4%
- Price return: 36.4%
- Dividend return: 0.0%
- Ticker: CHTR
#34. Salesforce.com
- Total return: 36.8%
- Price return: 36.8%
- Dividend return: 0.0%
- Ticker: CRM
#33. Fortinet
- Total return: 39.1%
- Price return: 39.1%
- Dividend return: 0.0%
- Ticker: FTNT
#32. Micron Technology
- Total return: 39.8%
- Price return: 39.8%
- Dividend return: 0.0%
- Ticker: MU
#31. ANSYS
- Total return: 41.3%
- Price return: 41.3%
- Dividend return: 0.0%
- Ticker: ANSS
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#30. Microsoft Corp.
- Total return: 42.4%
- Price return: 41.0%
- Dividend return: 1.3%
- Ticker: MSFT
#29. Broadcom Inc.
- Total return: 42.8%
- Price return: 38.6%
- Dividend return: 4.2%
- Ticker: AVGO
#28. Applied Materials Inc.
- Total return: 42.8%
- Price return: 41.4%
- Dividend return: 1.4%
- Ticker: AMAT
#27. Arista Networks
- Total return: 42.9%
- Price return: 42.9%
- Dividend return: 0.0%
- Ticker: ANET
#26. Qorvo
- Total return: 43.1%
- Price return: 43.1%
- Dividend return: 0.0%
- Ticker: QRVO
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#25. Tyler Technologies
- Total return: 45.5%
- Price return: 45.5%
- Dividend return: 0.0%
- Ticker: TYL
#24. Intuit Inc.
- Total return: 45.9%
- Price return: 45.0%
- Dividend return: 0.8%
- Ticker: INTU
#23. Maxim Integrated Products Inc
- Total return: 46.5%
- Price return: 44.1%
- Dividend return: 2.3%
- Ticker: MXIM
#22. Xilinx
- Total return: 46.5%
- Price return: 45.0%
- Dividend return: 1.5%
- Ticker: XLNX
#20. Zebra Technologies
- Total return: 50.5%
- Price return: 50.5%
- Dividend return: 0.0%
- Ticker: ZBRA
#19. Adobe Inc.
- Total return: 51.6%
- Price return: 51.6%
- Dividend return: 0.0%
- Ticker: ADBE
#18. IPG Photonics Corp.
- Total return: 54.4%
- Price return: 54.4%
- Dividend return: 0.0%
- Ticker: IPGP
#17. Activision Blizzard
- Total return: 57.0%
- Price return: 56.3%
- Dividend return: 0.7%
- Ticker: ATVI
#16. Lam Research
- Total return: 63.2%
- Price return: 61.5%
- Dividend return: 1.7%
- Ticker: LRCX
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#15. Autodesk Inc.
- Total return: 66.4%
- Price return: 66.4%
- Dividend return: 0.0%
- Ticker: ADSK
#14. Netflix Inc.
- Total return: 67.1%
- Price return: 67.1%
- Dividend return: 0.0%
- Ticker: NFLX
#13. Twitter Inc.
- Total return: 69.0%
- Price return: 69.0%
- Dividend return: 0.0%
- Ticker: TWTR
#12. Take-Two Interactive
- Total return: 69.7%
- Price return: 69.7%
- Dividend return: 0.0%
- Ticker: TTWO
#10. T-Mobile US
- Total return: 74.2%
- Price return: 74.2%
- Dividend return: 0.0%
- Ticker: TMUS
#9. QUALCOMM Inc.
- Total return: 75.6%
- Price return: 72.7%
- Dividend return: 2.9%
- Ticker: QCOM
#8. Teradyne
- Total return: 76.4%
- Price return: 75.8%
- Dividend return: 0.6%
- Ticker: TER
#7. Apple Inc.
- Total return: 81.8%
- Price return: 80.7%
- Dividend return: 1.1%
- Ticker: AAPL
#5. ServiceNow
- Total return: 95.0%
- Price return: 95.0%
- Dividend return: 0.0%
- Ticker: NOW
#4. Cadence Design Systems
- Total return: 96.7%
- Price return: 96.7%
- Dividend return: 0.0%
- Ticker: CDNS
#3. Advanced Micro Devices Inc
- Total return: 100.0%
- Price return: 100.0%
- Dividend return: 0.0%
- Ticker: AMD
#2. PayPal
- Total return: 116.5%
- Price return: 116.5%
- Dividend return: 0.0%
- Ticker: PYPL
#1. Nvidia Corporation
- Total return: 122.2%
- Price return: 121.9%
- Dividend return: 0.3%
- Ticker: NVDA
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April 05, 2021 at 07:30PM
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LG, once a smartphone pioneer, exits mobile phone business - York News-Times
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