Last Friday, HTC, the smartphone maker, released the sales figures for last month which revealed that the company is currently undergoing its highest drop in more than two years.
The company said that its consolidated revenue for last month came in at only 2.23 billion Taiwanese dollars (£55.3 million), dropping by 67.64 percent from the same month during the previous year from $6.8 billion. The numbers of the company also fell month-on-month, after clocking in a revenue of $2.45 billion last May at a drop of nearly 9 percent.
The sales of the flagship smartphone of HTC this year have been lower than what the company expected. According to Reuters, it has negatively affected the market share of the company.
The drop in the sales of the company is just one more data point in a series of bad news that plagues the company. Despite reporting a profit for the first quarter of this year, it had suffered a financial loss for 11 consecutive quarters.
HTC faces tough competition from rivals such as Apple, Xiaomi, and Samsung in a climate where the global sales of smartphones have also slipped into a decline. This morning, LG and Samsung also released their second-quarter profit expectations. They warned that both companies will miss earlier predictions.
Last Monday, Reuters revealed that HTC is planning to cut 1,500 jobs, almost a quarter of its global workforce, from its factories that are located in Taiwan in an attempt to cut more costs and help the company return to profitability.
According to a tweet from Samson Ellis, the Taipei bureau chief of Bloomberg, HTC confirmed the layoffs, however, it did not provide specific numbers.
Earlier this year, the firm already offloaded 2,000 of its engineers to Google. This came as a part of a deal that was worth $1.1 billion (£831.3 million) for a non-exclusive licence on the intellectual property of HTC.