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Taiwan's struggling smartphone maker HTC announced Tuesday it would slash 1,500 jobs, around a fifth of its total workforce, in the biggest staff cull for three years following heavy losses.
The announcement of the cuts to its manufacturing workforce comes despite a new deal with Google, completed in January, which boosted HTC's first quarter performance after a dismal 2017.
Star - Smartphone - Sector - HTC - Face
Once a star of the intensely competitive smartphone sector, HTC has been struggling in the face of stiff competition from Apple and Samsung as well as strong Chinese brands such as Huawei.
It incurred a net loss of Tw$16.91 billion ($554 million) in 2017 and a loss per share of Tw$20.58, the highest since it listed on the Taiwan Stock Exchange in March 2002.
Losses - Tw - Months - Results
Losses of Tw$9.8 billion in the last three months of 2017 represented its worst ever quarterly results.
HTC described the cuts—which will be implemented by the end of September—as "a decisive step in the realignment of resources across the organisation" that would allow "more flexible operations management".
Shares - Firm - Percent - Taipei - Tuesday
Shares in the firm plunged almost six percent in Taipei on Tuesday.
Under the $1.1 billion deal with Google, the US tech giant took on...
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