Been speculation for a little while and whilst not yet official it seems there are strong indications that the decision will be made. LG has struggled with profitability in this area in recent years though certainly used to be one of the players with some innovative phones such as the LG Wing. We should find out for sure on Monday 5 April. Whilst had small market share still an opportunity for Samsung and other manufacturers. https://www.techradar.com/uk/news/lg-looks-ever-more-likely-to-be-quitting-the-smartphone-business
The failure may well be due to combination of being behind the curve initially, failed experiments and insufficient software support (though the hardware was generally mediocre) plus poor marketing.
Official confirmation contained in this article from xda https://www.xda-developers.com/lg-exits-smartphone-business/
Noticed an article from 2015 predicting Samsung's smart phone Business was in trouble but things have changed somewhat over the years https://www.extremetech.com/extreme/217424-analyst-claims-samsung-will-abandon-the-smartphone-market... More recent articles here :