HTC Layoffs 2012 Seoul

Struggling smartphone maker HTC (2498) on Monday said that it has closed its offices in the South Korean capitol of Seoul. IDG News Service confirmed the news with the Taiwan-based company, which as seen smartphone sales slow significantly after an impressive run in mid-2011 helped the firm report record revenue for six consecutive months. That run came to an abrupt end in October following the launch of Apple’s (AAPL) iPhone 4S, and HTC has been struggling ever since. HTC recently pulled out of the competitive Brazilian market, and it also closed a research facility in North Carolina in an effort to cut costs.