Samsung may be the leading smartphone manufacturer, but it’s facing tough competition from Apple in the high-end market and from Chinese vendors in the mid-range to low-range market.
According to a new report, the company is rumored to reduce the workforce at its headquarters by almost 10 percent with the layoffs being done from different departments.
The report from the Korean publication mentions that employees from human resources, public relations and finance departments will be axed due to the falling sales. It’s not just the workforce, the company is also expected to reduce its expenses in the coming year, which is definitely needed when you’re falling behind your sales targets.
Since April, the company’s market value has fallen by $40 billion, especially after Samsung Galaxy S6 and Galaxy S6 Edge+ failed to make a significant impact in the competitive smartphone market. Furthermore, the company’s market share fell by 3 percentage points, and the other bad news is that the company is not the leading smartphone seller in China, and has fallen to the second spot.
The market is definitely becoming more competitive with all the Chinese smartphone vendors coming in and introducing their budget-friendly devices. So, the tough time continues for Samsung, but is their any hope of Galaxy Note 5 and Galaxy S6 Edge+ to kick things off for the Korean company?