HTC Corp. laid off approximately 20% of its US based workers. The move was referred to as a streamline of its operations after a period of growth. This caused HTC shares to tumble on Monday.
The Taiwanese smartphone manufacturer said it had lay off a total of 30 employees last Friday. According to the company, the move was "to optimize our organization and improve efficiencies after several years of aggressive growth."
The struggling smartphone maker had about 150 employees in the United States prior to the layoffs which included some design and marketing officials. The US is the biggest market of the smartphone manufacturing until last year. This was according to a statement issued by the company adding it would "continue to hire in strategic areas".
The layoffs of the US based workers represented a tiny fraction of HTC's global workforce of about 1,700 people.
HTC's sales had dropped 31.5% so far this year compared to the same period last year.
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