As if HTC didn’t have enough financial woes already, it’s now been hit by the troubles at OnLive. IDG reports that the Taiwanese manufacturer will lose its $40 million investment in the cloud service, which was made last February in an attempt to boost its smartphone gaming credentials.
HTC books $40 million loss from OnLive investment
HTC has booked a $40 million loss from its investment in OnLive.
HTC has booked a $40 million loss from its investment in OnLive.
While we heard that OnLive has filed an Assignment for the Benefit of Creditors (ABC) in a move that could get investors some sort of return, it appears that HTC isn’t so optimistic and has announced a whole $40 million loss to the Taiwan Stock Exchange. The company won’t be left without a mobile gaming strategy, though — it was the first hardware partner announced for Sony’s PlayStation Mobile program.
Update: HTC gave us the following statement: “Due to lack of operating cash and an inability to raise new capital, OnLive has completed an asset restructuring over the weekend. HTC estimates that it will need to recognize a $40 million provision for this investment loss.”
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