Pantech shifts the focus from smartphones to the Internet of things
South Korean company Pantech announced yesterday that it is starting a restructuring process in which the emphasis will be shifted to the Internet of things and other areas.
CEO Chung Joon (Chung Joon) informed employees that the company is temporarily suspending the development of the smartphone business, from restructuring. In the end there will be only a few areas which will continue to operate the company.
Once the company Pantech has been confident player in the smartphone market, but it was in the past. In the summer of 2016, the company has tried to come back, presenting smartphone IM-100. Sales amounted to 132 thousand units.
Last year the income of the company amounted to 45.4 million dollars, and losses have increased to 62.4 million dollars.