Samsung may be laying off a whopping 30% of its workforce

After years of dominating the mobile market, Samsung is finding itself in the unfamiliar position of having shrinking profits due to its increasingly disappointing smartphone sales. This has been happening for a couple of years now, and despite the company’s best efforts, it can’t seem to turn things around, and its future is now more uncertain than ever. That’s why Samsung is reportedly looking to lay off a whopping 30% of its workforce in order to cut costs.

Latest report by Korea Times suggests, Samsung Group is all set for a significant change in its workforce. The publication claims sources within the company say that the tech giant is focused to reduce costs. It plans to lay off a considerable fraction, up to 30%, of its Electronics unit workforce amid unstable business estimates for the future. Earlier this week, Samsung reported its earnings for the third quarter. It admitted the depressed demand, sales, and profit brought in by its flagship smartphones, the Galaxy S6 and Galaxy S6 Edge, for the period. Prior to the latest quarterly earnings report, analysts had frequently slashed expectations so that Samsung could find it easier to report a quarterly gain. After the celebrations for the company beating the estimates quieted down, light was shed on the current issues the smartphone giant has to deal with. The company’s latest smartphones have struggled to fight against rival Apple Inc.’s new premium iPhone models.