HTC plunges to seven year low

City A.M. Reporter
SHARES in mobile phone maker HTC fell to a seven-year low yesterday, losing seven per cent after the Taiwanese firm’s profits missed analysts forecasts on Friday.

Though strong sales of its latest smartphones lifted HTC’s second-quarter net profit to 1.25bn Taiwanese dollars (£27.9m) from a record low of T$85m the previous quarter, profits were down 83 per cent on the same time a year ago.

Second-quarter revenue was T$70.7bn, in line with the T$70bn the company had forecast in May. Revenue in the first quarter was T$42.8bn.

Shares closed seven per cent lower at T$189.