Andy Rubin looking to sell Essential Products, hires consultant for the deal

Todd Singleton
May 25, 2018

According to the reports, the company has now cancelled all the developments on their next smartphone model Essential PH-2. The startup has reportedly hired Credit Suisse Group AG to find buyers and has also received at least one bidder already. At the same time, Essential is "actively shopping itself" around, according to the report. The news of a potential sale accompanies news that the company has ended development on its next smartphone, a major blow for a company aimed to challenge companies like Apple and Samsung with a device that it hoped would hold its own. People familiar with the matter say that Essential is considering selling itself and has "canceled development of a new smartphone". It's unclear if Essential will continue to support the existing Essential Phone, but we'll be sure to let you know as these details come to light.

Interestingly enough, the engineers who were working on the second-gen phone have been refocused on the company's upcoming smart-home product.

Rubin gave more insight into the ongoing process in an email to employees obtained by The Information. So far, Essential has raised around $300 million from various investors including Amazon, Tencent and Redpoint Ventures.

However it seems that we might have possibly seen the last of the company and their mobile efforts. Unfortunately, likely due to poor sales, a report has emerged that states the second-generation Essential Phone has been canceled and the company might be up for sale.

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What went wrong with The Essential Phone?

Earlier NV reported that in March 2018 the Essential smartphone manufacturer has filed a patent for a smartphone camera, which can be placed under the screen. A spokesperson declined to comment on the companys future when approached by Bloomberg. The handset carried the original price tag of $699 and was also sold through Sprint. Essential resorted to a $200 price drop back in October and various discounts to increase sales, including a promo code that can be used to reduce the cost of the device by $200 or a free Essential 360 Camera.

Citing unnamed sources, Bloomberg claim the company sold just 150,000 units to date. First, the company has significantly delayed its entry into the market, causing several top managers lost their jobs.

Other reports by Free-Prsite

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