HTC to lay off 1,500 employees

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The 1,500 affected employees are from HTC's manufacturing operations in Taiwan.

The official statement by HTC said "Today HTC announces a plan to optimise the manufacturing organisations in Taiwan ..."

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In the first quarter, HTC posted a net profit of NT$21.1 billion, compared with a net loss of NT$9.8 billion in the previous quarter, with earnings per share of NT$25.70.

Shares in the firm plunged 6.71 percent to Tw$52.80 in Taipei and are sharply down from a high of Tw$1,300 in 2011 as its share of the global smartphone market has been worn away.

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The mobe maker has persistently failed to come up with anything that pushes it ahead of competitors, leading to a billion-dollar deal late previous year with Google to effectively sell 2,000 of its handset engineers to the monster web corp.

A HTC "U11" smartphone is displayed in this illustration photo taken August 1, 2017.

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Under the deal, half of HTC's smartphone research and development team - about 2,000 people - would go to Google. The company also said the layoffs would be completed by the end of September and would further its plan to put its smartphone and VR businesses under one roof in each region. However, analysts have been sceptical about the earning potential of its investments in virtual reality and other emerging areas.

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