HTC recently predicted that its quarterly profit would fall for third straight quarter. It also saw July revenue drop around 45%. And that was just the beginning.
Then, as a result, the Taiwan smartphone lost around $1 billion from its market cap on Monday and Tuesday alone.
HTC is admittedly struggling to compete with both Samsung and Apple (NASDAQ:AAPL) in the smartphone market. HTC shares have slumped since the release of Apple’s iPhone 4 last year and the fact that Samsung introduced its Galaxy line of smartphones based on Android sure didn’t help either.
Shares of the company fell by their daily 7% limit on Tuesday after falling 6.9% the day before. And so far this year, HTC shares have lost over half their value.