Samsung Electronics is preparing to cut 10% of its headquarters staff, according to Bloomberg. The move follows various missteps in key markets, including smartphones, that have seen an incredible $US44 billion wiped off the company’s valuation. The headcount, as of June 30, sat at 98,999.
That would imply Samsung is letting go of nearly 10,000 people.
The company is reportedly targetting workers in areas such as human resources, finance and public relations. Beyond this, the company is looking to cut expenses next year as the pressure mounts.
Samsung recently “adjusted” the prices of the new Galaxy S6 and S6 Edge phones after demand was not as strong as previously anticipated. According to Bloomberg, Samsung’s global smartphone share fell by three per cent in the second quarter.
The company’s sales sat at around 206 trillion won ($US171 billion, £111 billion) in 2014 but are expected to fall to around 200 trillion won ($US166 billion, £108 billion) this year as Apple releases another iPhone and updated tablets which continue to be strong performers globally, eroding Samsung’s share of the market.
NOW WATCH: 11 amazing facts about South Korea
Business Insider Emails & Alerts
Site highlights each day to your inbox.