Business
HTC lays off nearly a quarter of its entire workforce
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2018-07-02 16:05:59 UTCSmartphone maker HTC is laying off 22 percent of its entire workforce.
The company has seen a string of terrible quarterly results as the business has been battling poor sales and undergoing reorganization efforts in an attempt to return to profitability.
According to Reuters, around 1,500 workers from HTC’s Taiwan manufacturing division will lose their jobs. These layoffs are in addition to to earlier layoffs at the company’s U.S. offices as part of part of a restructuring that combined its smartphone and VR divisions. Also, earlier this year, separate from the layoffs, HTC sold its smartphone design team to Google for $1.1 billion. The smartphone manufacturer employed 6,450 people as of June.
HTC’s market share was once made up of one in every 10 smartphone sold around the globe. But, thanks to ramped up competition from other smartphone makers like Apple and Samsung, the company has now found themselves struggling as revenue and sales continue in a downward spiral.
Will HTC be able to reverse course? Only time will tell.
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