Samsung looking to fire 10 per cent of its HQ workforce

Samsung is getting ready to fire 10 per cent of the workforce in its headquarters, Sammobile reported on Tuesday, citing Korean newspapers.

The company's headquarters in Suwon, South Korea, employs almost 100,000 people, which means some 10,000 people will lose their jobs.

The report claims that Samsung will be targeting the layoffs in human resources, finance and public relations departments, the company is also reportedly going to cut additional expenses in the coming year.

The decision to cut down on staff is probably fuelled by the company's lack of success in the smartphone market. It was challenged hard by Apple in the high-end department, as well as the likes of Xiaomi and other Chinese vendors in the mid-range and low-end departments.

The company's latest flagship phones, the Galaxy S6 and the Galaxy S6 Edge, failed to produce the desired effect, ultimately losing Samsung the title of China’s top vendor.

China happens to be the biggest mobile-phone market in the world.

The company’s market value has also dropped. According to a report by Sammobile, it has lost some $40 billion (£26bn) in market value since April this year.

Samsung’s share of global smartphone shipments is also down by 3 percentage points in the second quarter, as well.

Still, the company is looking to release new products to the market. Last week it showcased the world’s first ultra-high definition Blu-ray player, capable of providing four times the resolution and 64 times higher color expression compared to standard Blu-ray.

The format’s first players and discs are expected to go on sale by the end of 2015.