Monday, 22 October, 2018

HTC is firing 25% of its staff to cut costs once again

HTC is firing 25% of its staff to cut costs once again HTC is firing 25% of its staff to cut costs once again
Russell Knight | 03 July, 2018, 18:52

"HTC continues to review its operations to ensure production resources align with key strategic initiatives, so that the company can more effectively compete in its target markets while maintaining its innovative edge", an HTC spokesperson said in a statement provided to CNNMoney.

According to a dispatch published today from Reuters, HTC is going to eliminate 1,500 manufacturing jobs in Taiwan.

It incurred a net loss of Tw$16.91 billion in 2017 and a loss per share of Tw$20.58, the highest since it listed on the Taiwan Stock Exchange in March 2002.

Back in September, Google announced that it had signed a $1.1 billion agreement with HTC.

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As part of the second stage of its global manufacturing optimization strategy, HTC submitted a large number of dismissal notices to the Labor Bureau of Taoyuan City Government on Monday.

The deal reflected Google's wish to emulate the success of Apple iPhones by controlling the hardware as well as the software used in the premium-priced handsets.

Prior to that, HTC's then president of smartphone and connected devices, Chailin Chang, tendered in his resignation with immediate effect after the deal between HTC and Google was concluded. HTC was once the name behind one in ten smartphones in the market, however, due to enormous competition from other smartphone makers like Apple, Samsung and Chinese smartphone giants, the company has seen a massive decline in market share and sales. However, analysts have been sceptical about the earning potential of its investments in virtual reality and other emerging areas.

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