HTC and Lenovo have both announced that they're making large-scale layoffs as they struggle to achieve smartphone profitability.
HTC, which last week announced a $250 million after tax loss for the quarter ending June 30, is cutting 2,250 people by the end of the year. The layoffs amount to some 15 percent of the company workforce, and the move is part of a plan to reduce operating expenses by 35 percent.
HTC has said that it is forming new business units to focus on premium smartphones and virtual reality. Once a major player in the market, the company has seen its global market share shrink to less than two percent amid intense competition from both established players like Samsung and new companies such as Xiaomi.
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