Economy

Struggling smartphone maker HTC to slash 1,500 jobs in Taiwan

Struggling smartphone maker HTC to slash 1,500 jobs in Taiwan”

According to Reuters, around 1,500 workers from HTC's Taiwan manufacturing division will lose their jobs.

As per its own data, the company employs 6,450 employees globally as of June this year, meaning that this layoff represents about a quarter of its workforce. HTC has previously said it wants to better coordinate its smartphone and virtual reality businesses.

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.

"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 earlier media reports. After the upcoming round of layoffs, it will be cutting its total work force by nearly 20 percent.

Google and HTC struck a $1 billion plus deal past year.

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.

"The company will offer full assistance to those employees affected by the plan, which will be completed by the end of September".



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