Samsung Electronics has announced plans to lay off around 10% of its global workforce as part of a restructuring plan to cut thousands of jobs affecting certain markets in Southeast Asia, Australia, and New Zealand.
According to reports, the layoffs are part of the company’s effort to improve operational efficiency as it has faced stiff competition in the AI and chip markets.
The report further mentions that its shares have dropped by over 20% this year and it plans to preserve manufacturing jobs during the layoffs as they will affect mostly management and support roles.
