Taiwanese tech giant to sack 15% of its global workforce

folarin okunola

August 14, 2015 2:09 PM

HTC’s sales have dipped by over 75% in the last few years, with the company facing stiff competition from the likes of Samsung, Apple and Xiaomi.

HTC used to be one of the world's largest smartphone makers

Struggling Taiwanese tech giant HTC is putting in place plans to lay off 15% of its global workforce as part of a move aimed at reducing its costs by 35%, according to a statement released by the company on Thursday.

HTC, once a market leader in the smartphone space, has been struggling in recent times. The company’s stock has halved over the past year and its market value is now less than cash it has at hand, which effectively translates into investors deeming the company as worthless.

HTC’s sales have dipped by over 75% in the last few years, with the company facing stiff competition from the high end (Samsung and Apple), and the low end (Xiaomi and Huawei) too.

READ: Taiwanese tech giant facing profitability struggles

That’s why the company has announced a “business realignment” which includes a “streamlining of operations” which in turn involves cutting down its workforce by 15% and reducing costs by 35%.

folarin okunola