NEW DELHI: Technology giant Samsung is planning to lay off nearly 200 employees in India as part of its cost-cutting measures, as per industry sources.
The move is part of Samsung’s global restructuring plan, which aims to cut up to 30% of its global workforce across various divisions. As per reports, the job cuts will primarily impact sales, marketing, and administrative staff in regions such as the Americas, Europe, Asia, and Africa.
It has halted new hiring and is not filling roles left vacant by voluntary exits. Reports indicate its management recently summoned Indian team to South Korea to discuss ongoing issues and restructuring efforts.
In India, Samsung fell to third place in volume in the April-June quarter of 2024, as per IDC. Its smartphone shipments fell by 15.4%, marking its third consecutive quarterly decline, with its market share dropping to 12.9%. It is facing competition from rivals like Apple in the smartphone market and SK Hynix in the high-end memory chip sector.
In China, the company plans to cut 30% of its sales staff. It employed 267,800 people as of the end of 2023, with over half, or 147,000 employees, based overseas, according to its latest sustainability report.