HTC Announces Job Cuts In View Of Losses; Banks Revival On Markets Like India

HTC has announced that it will cut jobs and discontinue models as part of its strategy to focus on high-end devices in order to take on Apple and Samsung.

The announcement comes soon after the ailing Taiwanese company posted losses in Q2 and forecasted for “significant” losses in Q3. The job cuts will be across the board said HTC CFO Chialin Chang.

HTC’s woes began a few years ago when it began to bleed market share due to the intense competition in the high-end market between Apple and Samsung, while Chinese rivals beat it hollow in the low-end.

Chang said that the company is banking on selling high-end smartphones to customers in emerging market such as India, where it claims to have 20% market share of devices priced between $250 and $400.

The outlook for HTC is rather bleak however, with analysts expecting the company to lose market share and money for at least another four quarters.

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