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Things haven’t been going that well for HTC. Following its less than spectacular quarterly earnings report which sent the company’s stock into a nosedive HTC has announced that it’s going to cut its workforce by 15 percent. This is evidently a reaction to the troubles that HTC faces in the highly competitive smartphone market of today where it has seen its market share crumble down to 2 percent from 10 percent.

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Amid battling declining sales of its handsets HTC has announced that it’s going too cut 15 percent of its staff, CEO Cher Wang said in a statement that this move is being made to make this a more flexible and dynamic organization as it sees to “diversify beyond smartphones.”

Wang’s statement also mentions that HTC plans to take advantage of all of the opportunities present in the connected lifestyle space though so far HTC has not charted out a plan that details precisely how it’s going to capture that market and once again create value for its shareholders and investors.

These job cuts will aid HTC in keeping itself afloat as the company says that they’re going to cut its operating expenses by 35 percent, but it remains to be see though if its performance improvements in the next quarter or if the company is forced to make another round of layoffs.

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