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The struggling Taiwanese smartphone maker confirmed Monday that it was downsizing as part of a broader "realignment." resources across the organization. "He expects to complete the layoffs by September.
"HTC continues to review its operations to ensure that production resources align with key strategic initiatives, so that the company can compete more effectively in its target markets while retaining its innovative advantage, "said a spokesman for CNN.
Despite the critics' acclaim for phones like the HTC One, the company has seen its market share fall steadily amidst stiff competition from Apple and Samsung.
HTC held only 0.3% of the smartphone market in the first quarter of this year, down from 10% in 2011, according to data provided by Gartner to CNNMoney. "They are not a significant competitor in the smartphone space," said Tuong Nguyen, a Gartner analyst.
Related: A Chinese brand of smartphones trumps the very spendthrift Indians
Meanwhile, the company's bet on virtual reality has not been paying enough [19659008] to revive society. Nguyen says the RV market is "just a slower combustion than I think people were waiting on the basis of the hype."
Earlier this year, Google signed a $ 1.1 billion deal to bring together approximately 2,000 HTC engineers and technicians. All this makes HTC shrink its way to success.
CNNMoney (New York) First published July 2, 2018: 3:29 PM ET
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