HTC hasn't launched a hit smartphone in some time. Last month it released the HTC U12+, which received mostly negative reviews. The company announced a few days ago it was cutting 1,500 jobs in Taiwan to "optimize the manufacturing organizations," and now there's even more bad news.

The company's sales dropped a whopping 68% in June, compared to June 2017 - the company's largest slump in more than two years. Pre-orders for the U12+ began on May 23, and the phone was officially released in the US on June 28. In other words, HTC had a record drop in sales despite its latest flagship going on sale.

HTC's sales fell to T$2.2 billion ($72 million) in June, compared to T$6.9 billion a year ago and T$2.45 billion last month. Only time will tell if HTC can continue producing phones.