Samsung Electronics will cut staff levels by 50 per cent by 2020, the company announced on Wednesday, in a bid to stem a shrinking business as it focuses on its flagship Galaxy Note7 smartphone and tablet.
The company has struggled to regain lost ground after the iPhone 7s, which is widely considered to be its worst device ever.
The company had previously forecast it would lose around $1.4 billion in the quarter that ended in June.
It now expects a loss of about $750 million in 2020.
