Samsung to cull up to 30% of its global workforce: admin, sales and marketing by end of 2024

Samsung is reportedly culling 30% of its global employees in its sales operations, according to a South Korean newspaper.

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The South Korean electronics giant is struggling right now in multiple divisions: its semiconductor business can't keep up with TSMC, its HBM division can't beat SK hynix, and its smartphone sales aren't doing so well. Samsung replaced its semiconductor boss back in May, but we haven't seen much fruit from that tree so far.

Reuters' sources have said that one of their sources said that the job cuts at Samsung were being made in preparation for another slowdown in global demand for technology products as the global economy slows. Another source told Reuters that Samsung is "seeking to shore up its bottom line by saving costs".

One of the sources said that Samsung would "find it difficult" to lay off workers in South Korea because it was a "politically sensitive issue". Samsung is the biggest employer in South Korea, so you can see why the company is shying away from firing staffers in its home country, but up to 30% worldwide is a huge number.

Reuters did report that the job cuts at Samsung could "sit labour unrests" back in South Korea, with a South Korean workers' union at Samsung Electronics recently going on a multi-day strike, demanding higher pay and increased benefits.

Samsung launched its new Galaxy S24 family of smartphones earlier this year, including a refresh of both its foldable smartphones, yet it is struggling against Apple and Huawei. Apple just launched its new iPhone 16 family of handsets, and Huawei just launched the world's first tri-foldable smartphone with its new Mate XT Ultimate Design with 3+ million pre-orders generating $10.3 billion in sales for a single handset... meanwhile, Samsung is letting people go.