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.
Explore Related Content
- Apple continues to make gains on Android
- Annual Android phone shipments to hit 1 billion in 2017, crushing …
- EADS backs off goal of $10 billion in U.S. revenues by 2020
- Today in business: 5 things you need to know
- Navistar posts wider 2nd-qtr loss, sales plunge
- Prudential Financial approves $1B stock buyback
- Navistar shares fall after bigger 2Q loss
- Instagram video is so cool, we're already …CBSTV Videos
More Tech News
- Man charged with tossing wife off cruise ship
SANTA ANA, Calif. (AP) — A California grand jury has indicted a Florida man on charges he strangled his ex-wife and tossed her off a cruise ship in Italy.
- Police: Paraplegic castrated at Philly facility
PHILADELPHIA (AP) — A 41-year-old man is being held on $5 million bail after police say he castrated a paraplegic during a dispute at an assisted living facility in Philadelphia.
- Brothers run at bear to save younger sister
A family had a close encounter with a bear while celebrating Father's Day during a camping trip in Wyoming, NBC-2 reports. The Kelly family had a relaxing Sunday morning breakfast, but apparently they didn't clean up as well as they initially thought. According to NBC-2, a bit of bacon grease was still on the campground [...]
- Prison for Ohio woman who buried mom in yard
COLUMBUS, Ohio (AP) — A woman who quit her job to care for her elderly mother felt at a loss to support herself when the older woman died so she buried her in the yard of their Florida home and lived off her mother's Social Security checks for 14 years, her lawyers and federal authorities say.
- Kim and Kanye's Baby Name Is Not That Strange
It's being reported that rapper Kanye West and his reality star girlfriend Kim Kardashian have named their brand-new baby, born this weekend, Kaidence Donda West. Donda was Kanye's late mother's name, so that makes sense, but, um, Kaidence? What's going on with Kaidence?
- Pa. guardsman sues Target over 'no show' firing
A member of the Pennsylvania Army National Guard has sued Target Corp., saying he was wrongly fired from one of the chain's Pittsburgh-area stores for violating its "no-call, no-show" policy ...
- Father sentenced for binding kids outside Wal-Mart
LAWRENCE, Kan. (AP) — A suburban Chicago man was sentenced Wednesday to 30 months in prison for binding and blindfolding two of his children a year ago in a Wal-Mart parking lot in eastern Kansas.
- Charlie Sheen Really Did Get Selma Blair Fired
Today in celebrity news: Selma Blair is off Anger Management, Paula Deen said some pretty bad things, and Adam Levine has a perfume.