The present disclosure relates to an electronic device. The electronic device according to an embodiment of the present disclosure may comprise: a first housing; a second housing; a hinge structure configured such that the first housing and the second housing are connected, and such that the first housing and the second housing are rotated; a flexible display disposed on the first housing and the second housing; a speaker disposed on the first housing; a first sound output path configured to be opened if the first housing and the second housing reach an unfolded state, the first sound output path comprising a first speaker hole configured to be covered at least partially if the first housing and the second housing reach a folded state; and a second sound output path configured to be opened if the first housing and the second housing reach a folded state, the second sound output path comprising a second speaker hole configured to be covered at least partially if the first housing and the second housing reach the unfolded state. The second speaker hole may be disposed in the first housing.