Things haven’t been going so good for Samsung’s mobile business, the company is coming under increasing pressure from local manufacturers in emerging markets like China while Apple isn’t making things any easier in the high-end market. Samsung’s new devices, which include the Galaxy S6 and S6 edge, haven’t exactly done wonders for the company which is just one of the reasons why it finds itself in a bit of a pickle and it looks like the company is going to cut costs to get out of it.
A report out of Korea claims that Samsung is going to layoff thousands of people at its headquarters in South Korea as a cost cutting measure. A regulatory filing from June 30th shows that the company has close to 99,000 employees at its headquarters, the report suggests that Samsung is going to lay off ten percent of these employees this year.
That’s a huge number but apparently the company needs to take this tough step, Samsung will also reportedly reduce other company expenses next year to further tighten its belt.
Samsung is now relying on its latest flagships, the Galaxy Note 5 and Galaxy S6 Edge+, to perform spectacularly in the market and improve its fortunes. However it won’t happen overnight and the company will have to take some very serious steps as it looks to cut costs amid lagging sales and declining market share in the global smartphone market.
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