HTC said it will lay off 1,500 employees from its Taiwanese division.
HTC will be letting go of 1500 employees from its Taiwanese manufacturing division. HTC has made a statement which reveals that the company is going to lay off as much as 1,500 people from its manufacturing plant in Taiwan.
HTC has lost a portion of its share of the smartphone market over the past seven years, dropping to 0.3 percent in the first quarter of this year from up to 10 percent in 2011.More news: New York City: Tens of Thousands Protest President Trump's Immigration Policies
The first quarter results, which ended an 11-quarter losing streak, were boosted, however, by a deal in which the company sold its smartphone ODM assets to Google past year.
The company reported a 55.5% drop in April revenues year-on-year, according to Reuters.
The announcement echoed a strategic plan released by HTC earlier this year that was focused on streamlining its organization worldwide.
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. To further this initiative, HTC will complete laying off 1,500 employees by September this year.