HTC stocks took a massive 9.91% hit today as investors scrambles to dump the stock as quickly as they could. As soon as the market opened, HTC’s stock hit a new low of NT$83.60, reducing the company’s market capitalization to a mere $2.21 billion US dollars. The massive selloff of HTC stock was triggered by Friday’s announcement that HTC’s revenue projections for the second quarter had been cut by nearly 30%. Today’s 9.91% drop in HTC’s stock price is the biggest in the company’s history, but it could have been a lot worse if Taiwan’s markets didn’t limit single-day stock fluctuations of more than 10%. HTC’s stock collapse may resume as soon as the markets open tomorrow, but we’re hoping that the price has turns in the other direction.
As we’ve mentioned before, HTC’s low stock price makes the company extremely vulnerable as a takeover target. While we admire what Cher Wang and Peter Chou have done with HTC since the company was founded, it may be time for new leadership at the top.
Source: Reuters
Wow, I can buy the company for less than $3???? (Isn’t there a “billiion” missing in there somewhere?)
Sorry about that. Adding the billion in there makes a bit of a difference. 🙂
I hope company like xiaomi buys HTC so that they can learn how marketing is actually done and what people expects from a smartphone at a low cost