HTC has announced that it is kicking off a share buyback program worth $145 million which would give it control over 1.76% of the company’s outstanding shares. The announcement was made over the weekend after HTC saw its stock price take a nose dive after the announcement that the company may post its first ever loss at the end of the third quarter.
While HTC’s profits have been in decline over the past six quarters, the company has $1.61 billion is cash reserves and access to $331 million in short-term loans. The stock buyback announcement was well-received by the market, pushing HTC’s stock price up 6.9% by the end of trading in Taipei.
Source: WSJ
