HTC to axe about a quarter of its global workforce
03 July, 2018, 09:55 | Author: Tara Roberts
The cuts will be completed before October and they are said to be part of a move to centralize the leadership of HTC'ssmartphone and Vive VR business.
Once a star of the intensely competitive smartphone sector, HTC has been struggling in the face of stiff competition from Apple and Samsung as well as strong Chinese brands such as Huawei.
Somewhat inevitably then, it has gone for the fastest and easiest way to do just that by getting rid of a huge amount of its fixed costs, ie: staff and their wages.
"Today's reduction in manufacturing workforce announced by HTC is a decisive step in the realignment of resources across the organization, and will allow more flexible operations management", the manufacturer said in a statement following earliermedia reports.
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However, the layoffs downsize HTC's overall workforce by 22 percent.
Back in September, Google announced that it had signed a $1.1 billion agreement with HTC.
In 2017, HTC incurred a net loss of NT$16.91 billion and a loss per share of NT$20.58, the highest since it listed on the Taiwan Stock Exchange in March 2002.
Under the deal with Google, which was completed in January, about 2,000 HTC engineers who used to work for the ODM assets shifted gears to work for the USA company.
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