HTC has announced plans to cut as much as 15 percent of staff as the Taiwanese company continues to struggle to recover market share. The move comes as HTC looks to cut 35 percent of the company's expenditure to better place itself to launch new phones and help drive sales.

Chief Financial Officer Chialin Chang previously confirmed the company would have to take a serious look at expenditure savings, which could include job cuts. The company still has quite the bank balance of $1.5 billion, but investors believe the company to be worth even less.

Source: HTC, via: FT