HTC axes 1,500 people

HTC is gone		
		
	Matt Burns

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The job cuts are the latest sign that HTC, once a major player in the smartphone market, is struggling to keep afloat in a competitive industry.

HTC said it will lay off 1,500 employees from its Taiwanese division.

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. With HTC just as well-known for its Vive VR headset as its phones these days, the company chose to merge the two divisions into one at around the same time as the layoffs.

Under the deal, half of HTC's smartphone research and development team - about 2,000 people - would go to Google.

Thai Youth Soccer Team Found Alive, Hungry After 9 Days in Cave
He also said that the situation was being assessed and more rescue teams were going into the cave complex. After nine days of darkness, the 12 trapped Thai boys and their coach have been found .

"Today HTC announces plan to optimize the manufacturing organizations in Taiwan [.] This plan will allow more effective and flexible resource management going forward", the company said. After the upcoming round of layoffs, it will be cutting its total work force by nearly 20 percent.

The NT$2.45 billion sales in May was also down 46 percent from a year earlier.

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. To further this initiative, HTC will complete laying off 1,500 employees by September this year.

HTC manufactures Google's smartphones, the Pixel and Pixel XL. HTC hopes that by doing this, the company would be able to turn a profit as it said it would by this year.

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