Shares in HTC plummet to a two-year low

City A.M. Reporter
SHARES of HTC fell to their lowest intraday level in more than two years yesterday after the smartphone maker warned of lower revenues and was named in a patent lawsuit by rival Apple.

The world’s fifth largest smartphone vendor, battling to regain market share from Apple and Samsung, suffered a rapid fall from grace in the second half of 2011 after its phones failed to keep up with iPhones and the Galaxy range.

A day earlier, HTC cut its second-quarter revenue target by 13.3 per cent, citing lower-than-anticipated sales to Europe and delayed sales in the United States.

Adding to the pressure, Apple filed a new enforcement action at the International Trade Commission in Washington, according to a report, seeking an emergency order that would block imports of HTC’s new smartphone and tablet. Apple said HTC models including the One X, One S, EVO 4G LTE and the Flyer tablet continued to infringe upon its data-detection technology, the report said.