Click to Skip Ad
Closing in...

Samsung lost 177 execs as profit plummeted

Galaxy S6 Sales

Samsung had better hope that sales of its new Galaxy S6 and Galaxy S6 edge live up to the hype, because things are starting to look a bit shaky for the South Korean consumer electronics giant. The company remained the world’s top Android phone vendor in 2014 by a wide margin, but its profits collapsed in the process. Apple’s new iPhone 6 and iPhone 6 Plus tore a massive chunk out of Samsung’s high-end phone business, and Chinese phone makers selling dirt-cheap Android phones in the East attacked Samsung’s smartphone division from the bottom.

Beyond the company’s staggering profit decline, we now have another indication of just how rocky things have gotten at Samsung.

DON’T MISS: The one app every single Android user needs to install immediately

In our in-depth Galaxy S6 review, we called Samsung’s new flagship smartphone a tremendous achievement. The handset features a stunning design and impressive build quality, and the new internal components represent huge advancements in the smartphone market.

But will smartphone shoppers buy it?

Samsung had better hope so because behind the scenes, its business is looking anything but stable. Case in point: In 2014 as the company’s profit plummeted, 177 executives from within its ranks either quit or were fired.

The news comes from Yonhap News Agency, which dug through Samsung’s latest business report filed with South Korea’s Financial Supervisory Service (FSS). The agency also notes that 44 of the C-suite departures came from within Samsung’s mobile division.

Samsung’s profit in the 2014 holiday quarter — the company’s most recent reported quarter — fell by 64%. Unfortunately, the impact of its new Galaxy S6 smartphones will not be felt until the second quarter this year.

Samsung will report unaudited results for the first quarter of the year on April 7th.

Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.