The Smartphone maker, LG is continuously facing a hug loss in the mobile phone division. The company has released its financial report for the year 2020. And report reveals that the company is facing loss for the 6th consecutive year.
The LG has published the statistics of the mobile phone division for 4th quarter of 2020 and revealed that company recorded a loss of $750.63 million in this period. The total worth of the loss that company claimed was $222.93.
The reports revealed that the company has produced a limited number of flagship devices and lack of 4G chips that caused a huge loss. The sales of the phone recorded a down of 9.2% on the total revenue of $1.24 billion in 2020 which was 5% in 2019.
The company is still sure to make comeback in the market by launching its 5G mobiles and expects to gain demand in 2021. The report states that:
LG will “closely review the direction of its mobile business” and will “share its business direction once determined”.
