HTC’s (2498) struggles did not relent in the second quarter as the company’s profit tumbled 58% compared to the same quarter last year. To make matters worse, the company’s third-quarter guidance sees sales dropping by 23% as margins continue to thin. HTC’s revenue declined at an even swifter rate during the first month of the quarter, and investors reacted on Monday and Tuesday by shaving more than $1 billion from the company’s market capitalization in just two days. “HTC’s weak third-quarter outlook means it will continue to lose market share and any market-share gains in China won’t likely offset its substantial loss in its key Europe and U.S. markets,” RBS analyst Wanli Wang told The Wall Street Journal. Shares of HTC stock have fallen by more than 50% so far this year.
More than $1 billion shed from HTC’s market cap in two days
Updated Dec 19th, 2018 8:31PM EST
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Zach Epstein has been the Executive Editor at BGR for more than 15 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
