HTC stock price hits record low

Increasingly fierce competition in the smartphone market continues to buffet HTC which saw its stock price close at a record low since its listing on the Taiwan Stock Exchange in March 2002. The stock price has been in a slide, losing 30% since the beginning of the year. However, new selling activity cranked up recently after media reports indicated HTC suppliers were cutting back on shipment forecasts based on lackluster sales projections for the HTC One M9. Those reports say HTC only expects to ship 3.2 million units in 2015, a 30% reduction from previous estimates.

HTC shares closed at a price of NT$92.80 ($3.01 USD) per share on Wednesday after a 5.79 percent drop. At one time, in April 2011, the stock closed in the NT$1,300 ($42 USD) range, a far cry from current levels. In response to these mounting losses, HTC Chairwoman Cher Wang apologized to shareholders for the poor performance. She indicated the company is preparing to launch some new high-end smartphones in October. Wang also promised to continue to pursue efforts to cut operating costs, improve efficiency, and secure new sales resources in hopes of righting the ship.

source: Focus Taiwan

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