Struggling HTC to cut workforce by 15%
Print Edition
TAIWAN-BASED smartphone maker HTC said yesterday that it will slash its workforce by 15 percent — about 2,000 jobs — after posting its biggest ever quarterly loss.
The announcement came less than a week after the company said it had swung to a loss of NT$8 billion (US$249 million) in the second quarter, from a net profit of US$2.26 billion in the same period of last year.
That saw HTC’s closing share price sink to its lowest in more than a decade. The stock fell further yesterday, closing down 7.8 percent at NT$50.70.
Once the star of the intensely competitive smartphone sector, HTC has seen its fortunes collapse as Samsung, Apple and Chinese mainland brands like Lenovo and Huawei have surged ahead.
The jobs cuts are part of a “business realignment” to spur growth, the firm said.
It is aiming for “significant profitable growth with a leaner and more agile operating model,” it said.
“This realignment will also involve a streamlining of operations to result in an expected reduction in operating expenditure of 35 percent; this includes an expected 15 percent in headcount,” it said.
An HTC spokeswoman would not specify how many people would be laid off, but said the global headcount was 15,000, which would put the job losses at about 2,250.
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