Friday, 22 February, 2019

High Tech Concern: Struggling HTC to slash a quarter of workforce

HTC is firing 25% of its staff to cut costs once again		
	Jon Russell

   	7 hours HTC is firing 25% of its staff to cut costs once again Jon Russell @ 7 hours
Nellie Chapman | 03 July, 2018, 18:52

Despite critical acclaim for phones like the HTC One, the company has seen its share of the market decline steadily amid stiff competition from Apple and Samsung. Assistance will obviously be provided to all dismissed employees conforming to corporate social responsibility standards.

"Today's reduction in manufacturing workforce announced by HTC is a decisive step in the realignment of resources across the organization, and will allow more flexible operations management", HTC said in a statement. By the way, 1,500 of the 6,450 or so current jobs is close to 25 percent, which qualifies as a massive employment cutback. In 2015, the company cut more than 2,000 jobs, slashing its workforce by 15 percent after posting its then biggest ever quarterly loss of Tw$8.0 billion.

As part of the second stage of its global manufacturing optimization strategy, HTC submitted a large number of dismissal notices to the Labor Bureau of Taoyuan City Government on Monday.

HTC says that the layoffs are part of a move to unite the company's smartphone and VR business under the same top executives in each region where it does business. The layoffs should be completed by the end of September 2018.

Following the Google deal, HTC announced its first quarterly gains for nearly three years in May, posting a net profit of Tw$21.1 billion.

Earlier this year, HTC reported a 55.5% plunge in April revenues year-over-year and a 46.7% slide in March sales.