LG has a lot of product categories that might be in your home. Refrigerators, ranges, and microwaves are everywhere. Their smart TVs are also one of the big categories for the company. However, one category that people don't currently think of when they think of LG is smartphones. Because of this shift in market share, the company is thinking about abandoning the market entirely.
A decade ago, LG was one of the major players in smartphones. Before Apple got involved, they were one of the big names, along with HTC and Motorola. Today, none of those companies play a major role in the industry. Motorola has changed hands a couple of times over the past few years, currently part of Lenovo. HTC has suffered a similar fate, once considering abandoning the market, later changing course and selling most of the business to Google (who sold Motorola to Lenovo).
Now, LG is in a similar position. Recently, the company was rumored to be considering a sale of the smartphone division to another interested company. However, new reports suggest that LG is now considering simply shuttering the division entirely and moving on. This could be because there are simply no interested parties, or because the amount of work or time involved in the process of a sale would exceed the value of the brand. Sometimes the best course of action is to walk away and cut your losses, which might be where LG is headed.
Now, this is not to say that LG would be entirely absent from the smartphone world. The company is one of the major manufacturers of components like screens for other bands, including Apple. There is no suggestion that LG is considering abandoning that aspect of its business, which makes sense. They have consistently held a position of quality in the component space, so continuing with that aspect of the business is a way to keep participating while not trying to follow the bizarre trends of the smartphone space, which they have struggled to understand.