After tossing about in the rumor mill for a few months, LG has officially confirmed the news that it is exiting the mobile phone business.

LG Electronics on Monday announced that it is exiting “the incredibly competitive mobile phone sector” and will instead focus its resources on other segments. LG has been losing money on its phones for years, struggling to keep up with the likes of Samsung and Apple.

LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region. LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business.

Among the markets that LG has its eye on are electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.

Current LG phone models will continue to be sold at first; however, LG plans to begin its “wind down” of the business by July 31.

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