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HTC CEO called the investment in VR the cause of failures in the smartphone market

HTC CEO called the investment in VR the cause of failures in the smartphone market
Taiwan's HTC CEO Yves Maitre said the company failed in the smartphone market because it relied on innovation in virtual reality. The head of the company announced this at the TechCrunch conference.
https://preview.redd.it/8tn33f6xtbr31.png?width=692&format=png&auto=webp&s=a394b57442a489acd04ca85a632c524c9b22fd87
According to Maitre, HTC has lagged in hardware upgrades. At the same time, he noted the achievements of his competitors:
"HTC has stopped innovating in the hardware of the smartphone," he told the audience. "And people like Apple, like Samsung and, most recently, Huawei, have done an incredible job investing in their hardware.
We didn't, because we have been investing in innovation in virtual reality. When I was young, somebody told me, 'to be right at the wrong time is to be wrong, and to be wrong at the right time is right.' I think we've been right at the wrong time, and now we have to catch up."
HTC sees a growth point in the development of fifth-generation mobile communications, as well as augmented reality technologies. Also, Maitre said that now, the manufacturer will focus more on "countries with higher GDP."
Yves Maitre took the post of CEO of the company on September 17, 2019, having worked for about ten years in the French telecommunications giant Orange. Previously, this post was held by Cher Wang.
Experts estimated HTC's share of the smartphone market at 11% in 2011, but by mid-2019, the company suffered losses for five consecutive quarters. The company laid off about 25% of employees in July 2018.
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