Smartphone maker HTC Corp. said Thursday it plans to cut 15% of its workforce and slash operating expenses by more than a third, as the company has been struggling to attract customers in a maturing smartphone market.
The company’s latest restructuring efforts come after HTC forecast last week a net loss for the third quarter on sluggish demand and weak sales in China. Once the world’s top smartphone maker by volume, HTC in 2013 dropped out of the top 10 largest handset vendors by shipments. The Taiwanese company has in just a few years seen its global market share dwindle to less than 2% from double digits previously.
HTC said it will cut about 2,250 people by the end of this year as part of its plan to reduce operating expenses by 35%. Read more