South Korean tech giant Samsung Electronics is reportedly planning global job cuts of up to 30% in some of its divisions, according to sources familiar with the matter. This move comes as the company aims to streamline its operations and improve efficiency in the face of increasing competition in the tech industry.
The exact number of job cuts and the specific divisions that will be affected have not been confirmed, but insiders suggest that the layoffs could be significant. Samsung has been facing challenges in various segments of its business, including its smartphone division, which has been struggling to keep up with competitors like Apple and Chinese manufacturers.
The company has been under pressure to reduce costs and boost profitability, as its smartphone sales have declined in recent years. The global job cuts are seen as a way for Samsung to reallocate resources to more competitive areas of its business, such as its semiconductor and display units.
Samsung has a history of making significant job cuts in the past, with the company laying off thousands of employees in 2016. The tech giant has also been investing in new growth areas, such as artificial intelligence and 5G technology, in an effort to stay ahead of the curve.
The news of the potential job cuts has sparked concern among Samsung employees, as layoffs are expected to impact workers around the world. Samsung has not commented on the reports of job cuts, but the company is expected to provide more information in the coming weeks.
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