HTC Corp (2498) Revenue Increases 48%, COO Matthew Costello Steps Down
HTC Corp (TPE:2498) chief operating officer Matthew Costello is stepping down from the company. He joined the company three years ago as the shares of the company dropped around 76% in the last two years. HTC president of engineering and operations Fred Liu will be filling in for Costello going forward as part of an expanded role.
Costello will remain as an executive adviser at the company after he moves to Europe. HTC saw a 98% drop in net income this past quarter. However, their revenue for May totaled 29 billion New Taiwan dollars ($967 million), which is up 48% from April’s NT$19.95 billion. They are still down 3.3% from a year earlier. HTC forecasted their revenues for the second quarter to NT$70 billion from a low of NT$42.8 billion in the first quarter.
HTC is going to form a new quality assurance division that will be headed by Georges Boulloy. Boulloy will oversee product reliability. A new team at HTC will handle the product lifecycle.
HTC used to be the top-selling smartphone vendor in the U.S. HTC recently was plagued with marketing issues and management turnovers. HTC is now behind Samsung and Apple. HTC has been heavily depending on the successes of the HTC One to help turn the company around.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry