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Essential Cans Plans for New Phone, Puts Itself Up for Sale

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May 24, 2018, 4:24 PM   by Eric M. Zeman   @zeman_e

Essential Products is for sale, reports Bloomberg, and has cancelled plans to develop a new phone. The company has hired a financial firm in order to help advise it on a potential sale, according to Bloomberg's sources, who also say Essential has already received interest from one possible buyer. Essential, part of Andy Rubin's Playground Global tech incubator, announced the Essential Phone at about this time last year. The phone was unique thanks to its ceramic design, all-screen face, and magnetic mod system. The phone was sold by Sprint in the U.S., as well as unlocked directly from Essential. The $700 device struggled to find buyers, however, due to poor camera and call performance. Bloomberg's sources suggest as few as 150,000 Essential phones have sold since its August 2017 launch. Essential raised around $300 million in funding and spent about $100 million of it developing the Essential Phone. The company is exploring a sale of the entire company, including hardware, patents, a smart home product, and a camera attachment for the phone. It's not clear what might happen to Essential's employees. Andy Rubin is known for developing the initial Android platform. Essential did not comment on Bloomberg's story.

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