The Taiwanese smartphone pioneer is dropped from the country's top 50 stock index as its market share and stock price continue to dwindle.
The company says that it will cut 15 percent of its staff as it refocuses its business on "premium smartphones, virtual reality, and connected lifestyle products."
Its flagship phone, the One M9, has not caught on, and HTC says it will continue to invest in other areas, including virtual reality, as it looks to turn itself around.
A familiar source says HTC could introduce a new line of smartphone later this year.
HTC issues a statement to shareholders on Monday, saying it won't even consider being acquired by Asus.
The Taiwanese smartphone maker surprisingly cuts its revenue forecast, citing troubles with its high-end device and weakness in China.
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Soon you'll don a high-tech headset as easily as you reach for your controller. Watch for blockbuster launches in the year ahead that pave the way to the brave new virtual world. Facebook and Valve lead the charge.
HTC says that its revenue was up 25 percent in the first quarter, but its forecasts are not encouraging.
Cher Wang replaces fellow co-founder Peter Chou, who will focus on developing new products. But with a tough year ahead, can she get HTC back on track?