LG changing strategy in the smartphone business


A number of smartphone manufacturers struggle to make a profit, and LG's one of those companies. We were expecting to be teased with the LG G7 but nothing. LG has therefore made a decision to stop releasing flagship smartphones on an annual basis like it has been doing for so many years in tandem with rival Samsung.

Jo Seong-Jin, CEO of LG Electronics, disclosed some interesting information when speaking to Korean media at CES 2018. "We will unveil new smartphones when it is needed", Cho pointed out. "But we will not launch it just because other rivals do", said Cho. Jo also said that there are plans for keeping high-end smartphones in vogue for longer by using different methods such as releasing more variants of said models.

LG has traditionally released devices around the same time as its South Korean rival Samsung, but after beating the Galaxy S8 to launch in 2017 with its LG G6, and still (by all accounts) getting trounced by it in sales, it's little surprise that this strategy is being rethought.

The mobile unit was not able to make a turnaround last year, as the bulk of its earnings came from budget phones, not flagship models although its smartphone business reduced losses by more than 40 percent last year compared to the previous year, reaching around 700 billion won ($650 million) in losses.

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Cho focused on LG's new approach as something the company could sustain.