The FINANCIAL — South Korean conglomerate Samsung Electronics Co. Ltd. plans to eliminate 10 percent of staff at its headquarters, as the world’s biggest smartphone maker loses sales to Apple Inc. and Chinese vendors, Korea Economic Daily reported, according to Nasdaq.
The report indicated that the company targets staff in the human resources, public relations and finance departments. The company also plans to cut some expenses next year.
The moves come after new high-end Galaxy smartphones failed to impress consumers, triggering five straight monthly declines and wiping out more than $40 billion in Samsung’s market value since April.
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