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In 2008 LG Electronics shipped about a hundred million phones, third in the world by shipment counts. Then its phone division lost money for 23 straight quarters, and on 5 April 2021 LG's board approved a filing that suspended the business. This file reads the collapse from LG's own filings. The suspension filing runs to a few lines: business suspended, mobile phones, 5,217,130,637,113 won of yearly sales, about $4.4 billion, for "intensifying competition and continued sluggishness". Behind it sit the division's quarterly results, kept in a note at the back of LG's accounts. Korean papers counted 23 straight quarters of losses, yet the first of those quarters was filed as a profit of 155 million won. A year later a routine reorganisation of LG's divisions restated it as a loss of 19.2 billion won. Not an accounting scandal, and still a lesson in how numbers move. In 2016 the phones lost 1.26 trillion won while LG Electronics as a whole reported an operating profit, carried by appliances and televisions. In 2020 the company posted a record operating profit in the phones' sixth straight year of losses. When LG said in January 2021 it was reviewing the phone unit with all possibilities open, its shares rose about 25% in two days. The file also tests the Korean "McKinsey teacup" story against LG's February 2009 Windows deal, follows production from Pyeongtaek to Haiphong, and closes with three warning signs visible years before the end. FILE 013 · LG Electronics (LG Mobile) · Collapses Related: FILE 005 · Pantech https://youtu.be/QVgA5gTPxOg Chapters 0:00 Cold open 0:43 Origin: The Side Business 4:03 The Rise: Half the Company's Profit 7:54 The Cracks: The Ledger Turns Red 12:57 The End: One Line in a Filing 15:55 3 Warning Signs Key sources - Report on suspension of business: MC (mobile) division (LG Electronics via DART, 2021) (translated) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210405000322 - Half-year report, segment information, 2015 (LG Electronics via DART, 2015) (translated) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20150813001255 - Half-year report, segment information restated on the 2016 organisation (LG Electronics via DART, 2016) (translated) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20160816001364 - Annual report 2020, segment results (LG Electronics via DART, 2021) (translated) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210316000661 - LG to close mobile phone business worldwide (LG Electronics, 2021) https://www.lg.com/ca_en/about-lg/press-and-media/lg-to-close-mobile-phone-business-worldwide/ - LG Electronics selects Windows as primary smartphone platform (Microsoft News Center, 2009) https://news.microsoft.com/?p=1414 - LG sells 100 million devices in 2008, becomes 3rd largest manufacturer (MobileSyrup, 2009) https://mobilesyrup.com/2009/01/20/lg-sells-100-million-devices-in-2008-becomes-3rd-largest-manufacturer/ - Worldwide smartphone shipments, Q2 2013, Strategy Analytics (eeNews Europe, 2013) https://www.eenewseurope.com/en/worldwide-smartphone-shipments-hit-record-230-million-units-in-q2-2013/ - LG and McKinsey, a former executive on the 2008 work (Hankyung, 2020) (translated) https://v.daum.net/v/jI3QYewRna - South Korean Won to U.S. Dollar Spot Exchange Rate (FRED, 2026) https://fred.stlouisfed.org/series/EXKOUS Amounts in won are converted to USD at the exchange rate of the time. Credits Photo: Petar Milošević / Wikimedia Commons / CC BY 4.0 Photo: The Random Editor / Wikimedia Commons / Public domain Photo: LG1991 / Wikimedia Commons / CC BY-SA 3.0 Photo: Maurizio Pesce / Wikimedia Commons / CC BY 2.0 Photo: LGEPR / Wikimedia Commons / CC BY 2.0 Photo: Trainholic / Wikimedia Commons / CC BY-SA 3.0 Photo: Ox1997cow / Wikimedia Commons / CC BY 3.0 Photo: Ox1997cow / Wikimedia Commons / CC BY-SA 3.0 Photo: LG Electronics / Wikimedia Commons / CC BY 2.0 · cropped Narration: AI voice. Some scenes are AI-generated reconstructions, not archival footage. Charts and documents are recreated from the sources above. This video is for educational and entertainment purposes only and is not financial advice. Which warning sign mattered most? Tell us in the comments. Know a company we should open next? Leave its name below. #TheCompanyFiles #LG #Korea #BusinessHistory

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