Why LG is saying goodbye to its smartphone business

LG is closing up shop on its mobile phone business, the company announced Sunday. 

The decision "will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services," LG said in an official statement.

The news doesn't come as much of a shock — last week, The Korea Times reported the confirmation would be announced on April 5. The outlet's sources claim the choice was made after the company failed to sell its mobile division. 

The company did at least attempt to innovate with its smartphone lineup this past year, specifically with its Explorer Project. This was LG's bid to throw unusual smartphone concepts at the wall to see what would stick. Read more...