LG Mobile lost $700 million last year while the company’s other divisions were reporting record profits. However, the CEO of LG Electronics, Qiao Jinjin, has stated that the company will not be leaving the mobile phone business.

“LG’s business portfolio includes cars and home appliances, both of which are related to smartphones, so we have not considered exiting the smartphone business,” said Qiao.

LG Mobile has posted operating losses for nearly four straight years (15 quarters). In 2017 it lost $192 million. LG is counting on 5G and new form factors to turn its fortunes around this year.

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