Beleaguered Samsung employees face the ax after worst earnings in three years

“Insiders say staff at Samsung Electronics have never been so anxious ahead of the annual reshuffle, as a weak smartphone performance and its worst earnings in three years are expected to cost many jobs,” Se Young Lee and Sohee Kim report for Reuters.

“As is customary for Korean businesses, Samsung is expected to announce its annual personnel changes in early December, a ritual that even in good times means weeks of distracting uncertainty for staff facing promotion, transfer or the sack,” Lee and Kim report. “The last of those options looks more likely after third-quarter operating profit fell by nearly two thirds.”

“Squeezed by Chinese rivals like Xiaomi Technology at the low end and Apple’s iPhones at the top, Samsung’s share of the smartphone market has also shrunk year-on-year for the last three quarters, leading to speculation that mobile business head J.K. Shin could be on the way out,” Lee and Kim report. “The Maeil Business Newspaper, a local business daily, recently reported the company could cut 20 percent of executive positions across the board, including 30 percent from its mobile division.”

Read more in the full article here.

MacDailyNews Take: No sympathy for thieves. Do as you will, Karma.

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  1. iPhones at the top, Samsung’s share of the smartphone market has also shrunk year-on-year for the last three quarters

    Ah yes, the almighty marketshare numbers which have pretty much nothing to do with profitability, which is the reason for all the layoffs.

    They never learn..

  2. Boy, what a difference a year makes. A year ago they were saying the Apple vs Samsung battle was the new version of the Mac vs PC battle, and that Apple was losing. Not only is Apple kicking ass in smart phones, Mac is kicking ass in PC sales too.

    It’s not wise to underestimate Apple’s ability towards innovation and creating products people want.

    1. Yes in the PC/Android world there is always someone new coming along to eat your market and profits, success is only temporary even for the leaders. Despite lunatics pressuring them to do so Apple has wisely avoid that and continues to shine. Only Apple can destroy Apple for the opposition that is only one of the possibilities.

  3. Scour. I think he meant scour.
    scour 2 |skou(ə)r|
    verb [ with obj. ]
    subject (a place, text, etc.) to a thorough search in order to locate something: David scoured each newspaper for an article on the murder.

  4. Samsung’s success was built upon making cheap copies of Apple products. Now that they have been humiliated into trying to prove they can innovate and make something that’s not a blatant copy, all they have been able to come up with are designs that not so many people want.

    1. Precisely. The SK Tech Emperors never had any clothes, just an explosive cigar that went off in their faces leaving a doe in the headlights stunned expression. No vision beyond the copying of a moment in tech they could exploit for a few years. Now as we move on from that they have no plan to build on, being incapable of producing one. It’s a total pleasure watching them sink into the FAIL quicksand of their own making.

  5. Do not believe these unacceptable slanderous rumours! Samsung is strong, the stock is cheap and rising to the moon!
    The fruit company on the other hand is doomed, its barbarian leaders blissfully unaware as it happens, and turning to penny stock very soon!

  6. Well it’s obvious all those people getting axed at Samsung couldn’t have been doing anything anyway getting them ahead of the game. They were probably only playing reindeer games as the Samsung Emperor fiddled while their Rome market share & temporary sized advantage burned.

  7. So hard to believe that the killer feature that apparently everyone was waiting for, you know, the one that stops the video you were watching when you look away, or that the clear winner on ‘heady’ innovation – the stylus, has not been enough to keep them on top. /s

    The next big thing IS here, it’s just not made by Samsung and never will be.

    While I have no sympathy for Samsung, I never want to see people lose their jobs due to their bosses stupidity or LOI, but it certainly sucks more at this time of year.

    Hopefully, when the inevitable cuts come, these people will find something new, preferably with a company that doesn’t copy everything they do, from washers, dryers, vacuums and more.

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