Samsung Electronics is to cut 10 per cent of its headquarters staff following a number of fumbles in key markets that have seen the companys valuation drop by an astounding $44bn (£28.6bn).

With the staff headcount at 98,999 as of 30 June, nearly 10,000 people could be facing the chopping block.

According to Bloomberg, the company is largely targeting workers in areas including finance, human resources and public relations, and is looking to cut expenses in other ways as the pressure mounts to turn around what has been a poor year for the firm.

The company recently dropped the prices of its flagship Galaxy S6 and S6 Edge smartphone models after the devices failed to attract the sales that were previously expected.

The poor sales of the S6 were blamed for the 38 per cent drop in profits the company saw in its Q2 earnings, along with low sales of older low- and mid-end devices.

“Cutting jobs is the easiest way to control costs and Samsungs spending on mobile business could also be more tightly controlled,” said Chung Chang Won, an analyst for Nomura Holdings. “Samsungs preparing to tighten its belt as it isnt likely to see rapid profit growth in the years to come.”