The Q3 2024 earnings report for Samsung Electronics 삼성전자 showed a disappointing operating profit of KRW 9.1t (USD 6.7b), 15% lower than the market expectation. In the aftermath of the earning shock, Jeon Yeong-hyeon 전영현, Samsung Electronics’ chief executive officer, took the unprecedented step of issuing an official statement of apology.
Samsung hopes to remedy its wobbly performance with layoffs. According to a September 11 report by Reuters, Samsung Electronics is planning to cut up to 15% of its sales and marketing staff and 30% of its administrative staff overseas. Samsung Electronics employs more than 267k people, 147k of whom are located outside South Korea.