The present disclosure relates to an electronic device having a side acoustic emission speaker. The electronic device may include a speaker module accommodated in the electronic device. The speaker module may include a first substrate, a speaker having a lower surface formed on the first substrate, a waterproof member contacting at least one part of an upper surface and at least one part of a first side surface of the speaker, and a second substrate contacting a second side surface of the speaker and overlapping the upper surface of the speaker. The second substrate may include a first subarea displaced from the upper surface of the speaker by a first distance and having a first thickness and a second subarea displaced from the upper surface of the speaker by a second distance and having a second thickness. A space disposed between the waterproof member and the first subarea may include an acoustic emission hole configured to transfer a sound emitted by the speaker to the outside of the electronic device.