More Than $1 Billion Wiped From HTC’s Market Capitalization
HTC Corp.’s market capitalization fell by more than $1 billion on Monday and Tuesday combined, after the Taiwan smartphone maker warned of weaker third-quarter earnings and posted a 45 percent drop in July revenue, highlighting the intense competition in the fast-growing smartphone market, where Apple Inc. and Samsung Electronics Co. have a lead.
Shares in HTC, an early adopter of Google Inc.’s Android operating system, fell by their daily 7 percent limit on Tuesday and ended at 240.50 New Taiwan dollars (US$8.04), extending Monday’s 6.9 percent decline. So far this year, HTC shares have fallen more than 50 percent.
