Washington: Taiwanese phone maker HTC has denied reports that it was curtailing production in one of its factories and reducing smartphone output by one million.
Initial media reports said that HTC was most likely shutting down one of its smartphone production lines.
When contacted by CNET, an HTC spokesperson said that the company is not shutting down a factory and has no such plans.
The spokesperson said that ‘HTC is not shutting down nor does it have plans to sell any of its factory assets’.
The spokesperson added that the HTC has a very strong balance sheet and will provide the latest financials in their upcoming earnings call to investors and the broader community.
After years of strong sales momentum, HTC has recently suffered a drop-off in sales.
Its flagship HTC One has so far failed to revive the struggling brand in the face of fierce competition from Apple and Samsung, the report said.
Earlier this month, the Taiwanese handset maker reported a net loss of 101 million dollars in the three-month period that ended September 30.
In an effort to regain market share, HTC''s CEO Peter Chou announced that he would be focusing more on innovation and product development.
Chou added that he would also be handing off some of his other duties to the company''s chairwoman and founder Cher Wang.