With sales in a decline at HTC, the company is cutting costs. HTC's second quarter report came out today and it reveals there is an operating loss of $160 million. HTC is not predicting a significant turnaround in the coming quarters. Along with cutting costs to reduce its loss, HTC plans to release a "fashionable and trendy phone" later this year.

Chialin Chang, HTC's CFO, said there's currently a "softness in the high-end smartphone market" and consumers wanted a "more fashionable phone" than what HTC provided with the One M9.

The One M9 was released earlier this year and it hasn't sold well even though reviews have been positive.

HTC plans to "significantly" decrease its expenses by Q1 2016 and it has already begun implementing "company-wide efficiency measures."