HTC Corp. once ranked among the world's top smartphone makers but now the company is reportedly exploring options that could range from separating its virtual-reality business to a full sale of the company.

According to Bloomberg, the Taiwanese firm is working with an adviser as it considers bringing in a strategic investor, selling or spinning off its Vive virtual reality headset business. A full sale of HTC, which has businesses ranging from VR to headset manufacturing, is less likely because it isn't an obvious fit for a single acquirer.

No final decisions have been made and HTC may choose not to proceed with any strategic changes, the report added.

Representatives for HTC didn't comment on the report.

The Taoyuan City-based firm has been attempting to refocus its growth prospects on the high-end VR business, with shipments of the Vive headset totaling more than 190,000 units in the first quarter, according to research firm IDC. HTC also has a contract manufacturing deal to assemble Google's Pixel

Vive is competing with Facebook's Oculus VR and Sony's PlayStation VR.