It’s a good thing HTC (2498) dialed back its Beats investment last month, because the $150 million it will save on that deal might help take the sting off the $40 million the company just lost on another investment. OnLive, a cloud-based gaming company that launched two years ago, just imploded. Huge layoffs swept the gaming startup late last week as the firm’s assets were acquired by a new company. According to a recent filing with the Taiwan stock exchange uncovered by IDG News, the $40 million investment HTC made in the streaming video game service will evaporate as part of that acquisition. Following a record run in 2011, HTC has hit a rough patch that recently saw $1 billion shed from its market capitalization in just two days as investors responded to the firm’s lowered third-quarter guidance. The company’s latest One-series smartphones were well-received by reviewers, but the devices have not stopped HTC from losing a great deal of ground to Samsung (005930), which is now the only profitable Android vendor among global smartphone makers.
HTC burned for $40 million as cloud gaming startup OnLive implodes
Updated Dec 19th, 2018 8:33PM EST
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Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
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