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HTC to cut 15 percent of workforce as it revamps to focus on 'connected lifestyle' devices
HTC aims to cut operating expenses by 35 percent while creating new units to focus on wearables, premium smartphones and virtual reality gear.
By Larry Dignan for Between the Lines | August 13, 2015 -- 12:19 GMT (20:19 GMT+08:00) | Topic: Hardware
HTC said it will cut 15 percent of its workforce as it struggles with sales declines amid competition in the smartphone market.
On Thursday, HTC said it will restructure, cut expenses by 35 percent and refocus on new businesses.
HTC added in a statement that it will create new units to focus on "premium smartphones, virtual reality, and connected lifestyle products." HTC has a fitness tracker called the Grip and recently launched earphones, but has struggled with the launch of its M9 One smarpthone.
Investors have lost confidence in HTC. The company's market capitalization only accounts for its cash position. That reality means that investors are valuing HTC's core business and infrastructure as worthless.
