HTC Corp (2498) Reports First Quarterly Loss
HTC Corp (TPE:2498) has reported their first quarterly loss. The company lost 2.97 billion Taiwan dollars (around $101 million) for the three months up until September. One of HTC’s largest rivals, Samsung announced today that they are forecasting record profit for the same period.
HTC was one of the earliest adopters for the Google Android operating system, but they have been losing marketshare to Samsung Electronics and Apple Inc. The new HTC One is also struggling to compete against rivals like the Samsung Galaxy S4 and the Apple iPhone 5S. HTC’s shares has dropped over 50% in the past year due to future growth concerns. Last year, HTC’s net income was 3.9 billion Taiwan dollars for the same period.
A major problem that HTC is dealing with is executive exodus. Many of HTC’s executives has quit the company in the last few months. Thomas Chien, one of the top design executives at the company, was arrested this past August for alleged theft of trade secrets. HTC chairwoman Cher Wang is trying to poach HTC employees for a new company that she is creating.