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LG's time in the smartphone business is officially coming to an end. After months of speculation, the South Korean electronics giant announced on Monday, April 5, it'll be shutting down that side of its business worldwide.

In the statement, the company explained that they'll instead focus their resources on "growth areas" such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence, and business-to-business solutions, platforms, and services.

LG will certainly still have its hands full, just no longer with smartphones. Although, the company did also state it would continue to sell current LG phone inventory, as well as offer service support and software updates for current LG phone users "for a period of time which will vary by region."

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That last statement is a little vague, but there'll surely be a more specific date on LG's website in due course.