HTC Loses $40 Million From OnLive Investment

Smartphone maker HTC said Monday that it will have to book a $40 million loss from its investment into online cloud gaming service Online, which is now restructuring after almost going bankrupt.

HTC made the investment as they planned to help bring more online games to its smartphone, however OnLive has faced financial difficulty due to the high infrastructure costs with online gaming.

On Friday, OnLive was acquired by an unknown owner, which has allowed onLive to continue operatings its service. However due to the restructuring, a number of employees have been let go.