Things haven’t really been looking up for HTC in the past few years. The company has been bleeding money and even though it has made sincere efforts to turn things around, they haven’t really paid off. To that end, HTC today announced that it’s going to lay off an additional 1,500 employees from its manufacturing division in Taiwan to cut costs and try and restore the company to profitability.
HTC once held an enviable position in the smartphone market but that has eroded over time. The company has been bleeding money over the past couple of years and despite multiple reorganization efforts, it hasn’t been able to do much to stop the cash burn.
HTC’s reorganization efforts include the sale of its design team to Google for $1.1 billion as well as the joining of its virtual reality and smartphone divisions. It has also laid off some employees from its offices in the United States this year.
With an additional 1,500 employees being laid off, HTC is showing the door to almost 22 percent of its total employees as it looks to recover from poor quarterly results and return the company to profitability. HTC did say late last month that it expects to return to profitability later this year.
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