Samsung is not laying off 10 per cent of its workforce

Yesterday we, much like the rest of the internet, reported that Samsung was planning on laying off some 10 per cent of its staff located at the company’s headquarters in South Korea.

With almost 100,000 people working there, it was being said that some 10,000 people would have to leave Samsung, mostly from the human resources and the public relations departments.

Now however, YonhapNews is reporting that a high-ranking official from Samsung Electronics said, “It will only be relocations of workers.” That means no layoffs. The technology giant explained that it will only relocate a small portion of its workforce

That doesn’t mean that the company is not in trouble, though. 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.

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.

The Korean giant seems to be losing the smartphone battle, with Apple successfully challenging its high-end market, while other manufacturers, such as China’s Xiaomi, are doing great in the mid-range and low-end departments.

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 colour expression compared to standard Blu-ray.