Samsung To Cut 10000 Jobs At Its Headquarters

According to the Economic Daily, a South Korean newspaper, Samsung plans to cut 10 percent of its head office staff.

Perhaps even more shockingly, the publication added that the electronics giant hopes to cut its working expenses by an ambitious 50 percent in 2016. The move comes as Samsung’s smartphones continue to underperform, resulting in five straight monthly declines in sales and $44 billion being wiped off the company’s market value since April. Samsung’s recent troubles have been blamed on the rise of cheaper handsets in places like China, along with Apple’s continued dominance in the high-end market. “Samsung’s preparing to tighten its belt as it isn’t likely seeing rapid profit growth in the years to come”, Nomura Holdings Inc. analyst, Chung Chang Won, told Bloomberg.

Samsung has not confirmed the report.

Samsung newest releases have also been criticised heavily.

“It’s true we have been under pressure to cut down on general expenditures”, admits a Samsung spokesman “but it’s hard to give a comment now – particularly on the percentage of workers to be fired”.

Samsung’s headquarters in Suwon had over 98,000 employees as of June 30, according to a regulatory filing.

Samsung recently “adjusted” the prices of the new Galaxy S6 and S6 Edge phones after demand was not as strong as previously anticipated. Samsung trails in fifth position in what is now the world’s biggest smartphone market.

While the specifications and features of the Samsung Galaxy S7 going around the internet these days are merely speculations, majority are consistent with rumors that the flagship will feature a USB Type-C port, that is similar to the one introduced by Apple on its latest laptop line – the MacBook.