Samsung Electronics (OTC:SSNLF), the world’s top producer of smartphones, TVs, and memory chips, is reportedly planning to reduce its overseas workforce in some divisions by up to 30%. The South Korea-based tech giant has instructed its global subsidiaries to decrease sales and marketing staff by around 15% and administrative staff by up to 30%.

The South Korean electronics giant is said to be cutting jobs due to an anticipated reduced demand for its products.

Samsung Electronics plans to cut up to 30% of overseas staff in select divisions by the end of 2024. The move aims to improve efficiency as the tech giant faces challenges in global demand, chip production,

South Korean tech giant Samsung Electronics is set to cut an unspecified number of overseas jobs, with some segments facing layoffs of up to 30%, according to a report Wednesday.

SAMSUNG Electronics, the world’s top maker of smartphones, TVs and memory chips, is cutting up to 30 per cent of its overseas staff at some divisions, three sources with direct knowledge of the matter told Reuters.

SEOUL: Samsung Electronics, the world's top maker of smartphones, TVs and memory chips, is cutting up to 30 per cent of its overseas staff at some divisions, three sources with direct knowledge of the matter told Reuters.

This comes as the company faces tough competition in the chip and premium smartphone markets and aims to save money in anticipation of a global slowdown.

Samsung Electronics is reducing up to 30% of its overseas staff at some divisions, while Microsoft will cut 650 jobs in its Xbox unit, Reuters and Blo.