Smartphone maker HTC today released sales figures for June which showed the company is currently undergoing its biggest slump in more than two years.
HTC said its consolidated revenue for June 2018 came in at 2.23bn Taiwanese dollars (£55.3m), falling 67.64 per cent from the same month last year at $6.8bn. Its numbers also fell month-on-month, after clocking in $2.45bn in revenue in May at a fall of almost 9 per cent.
Sales of HTC's flagship smartphone this year have been lower than expected, which according to Reuters has reduced the company's market share.
It faces strong competition from rivals like Samsung, Apple and Xiaomi, in a climate where global smartphone sales have also fallen into decline. Samsung and LG released their second quarter profit expectations this morning, warning that both companies will miss earlier predictions.
Read more: Samsung and LG warn second quarter profits are likely to miss expectations
Reuters revealed on Monday that HTC plans to cut 1,500 jobs, nearly a quarter of its global workforce, from its factories in Taiwan in a move to cut more costs.
The company offloaded 2,000 of its engineers to Google earlier this year, as part of a $1.1bn (£831.3m) deal for a non-exclusive licence on HTC's intellectual property.
Read more: Speculation that Google's buying HTC just rocketed after this market update
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