HTC has announced a large round of layoffs that will get rid of 15% of the company's workforce. HTC is trying to turn itself around and along with cutting costs by laying employees off, it will begin focusing on "premium smartphones, virtual reality, and connected lifestyle products." Given HTC's workforce includes around 15,685 people, 2,300 people are losing their jobs.

This round of layoffs has been expected since HTC announced its second quarter earnings on August 6. When announcing those earnings, HTC mentioned it would "implement company-wide efficiency measures" since it reported only half the revenue it reported in Q2 2014.

In other attempts to refocus and reorganize, HTC changed up its leadership earlier this year. Cher Wang, an HTC co-founder, replaced Peter Chou as CEO.