HTC Slumps After Forecasting Sales Drop: Taipei Mover
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HTC Corp., Taiwan’s biggest smartphone maker, slumped to its lowest in almost eight years in Taipei trading after forecasting an eighth consecutive decline in quarterly sales amid intensifying competition.
The stock dropped 6.7 percent to NT$159.50 as of the close of trade, the lowest level since November 2005. Revenue will be as much as NT$60 billion ($2 billion) in the three months ending September, the Taoyuan, Taiwan-based company said in a statement yesterday. That missed the NT$72.7 billion average of 21 analysts’ estimates compiled by Bloomberg.