Tuesday , 17 September 2019
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Samsung to axe nearly 10,000 staff at Korea HQ

Samsung to axe nearly 10,000 staff at Korea HQ

Report says manufacturer is set to cut 10 per cent of its 99,000 workers as part of cost cutting exercise

Samsung is preparing to axe nearly 10,000 employees at its headquarters in Suwon, South Korea as part of moves to cut costs in 2016.

This is according to a report from local newspaper Korea Economic Daily, cited by Bloomberg. which said the cuts are being targeted at employees in human resources, public relations and finance departments.

It said Samsung had a total of 98,999 employees at its headquarters as of June 30, according to a regulatory filing.

A Samsung spokesperson said: “We are unable to comment on market rumours or speculation.”

The move comes after the manufacturer revealed in July that Q2 profits had slumped 37.6 per cent year-on-year to 2.76 billion won (£1.5 billion), while sales had fallen to 26.06 trillion won (£14.2 billion) from 28.45 trillion won (£15.5 billion a year ago.

Global figures released last month from IDC said Samsung’s market share in Q2 was 21.4 per cent – down from 24.8 per cent from the same three month period in 2014.

Samsung announced its flagship Galaxy S6 and S6 edge (pictured) smartphones at Mobile world Congress in February, and followed this with the larger Galaxy S6 edge+ last month.

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