After a failed attempt to promote its business, HTC Corporation forecast a huge decline in its latest quarterly report. This is the company's eighth consecutive dip.The forecast included a third quarter gain of NT$60 billion, or US$2 billion.
Last year, the company forecast NT$70.2 billion, according to HTC. Over 21 analysts predicted that the Taiwanese mobile manufacturer will earn NT$72.7 billion on average. Analysts' estimates were compiled by Bloomberg.
"We believe HTC is still undergoing a structural downturn," commented Macaquirie Group's analyst Daniel Change. He explained that financial watchers expected the company to go further downhill. HTC is playing a losing game, they said, noting the stiff competition.
The company's stock decreased by a value of 43% within the year. HTC boosted its marketing campaign in the United States with the release of its newest product, the HTC One. The Taoyuan based company fell to 9th place in the overall global ranking of smartphone players. Chinese firms such as Huawei and ZTE overtook HTC in the latest update.
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