In March, when the company released the Q4 2017 financial report, the company’s operating revenue for the fourth quarter of 2017 was $0.51 billion which represents a year-on-year decrease of 29.3 percent. After that things started to slide.

HTC officially announced its April revenue report. According to the report, HTC’s total revenue for the month was $70 million, a decrease of 55.4 percent compared to April 2017. Later, HTC posted an unconsolidated revenue of $72 million. The revenue in May was down by nine percent. HTC’s Q2 revenues this year suffered a 58 percent drop as compared to Q2 2017.

Last month the company laid off 1,500 employees.

According to industry sources, HTC’s poor performance in July means that its smartphone business is still sluggish, while the virtual reality (VR) business has yet to make a breakthrough.