HTC shares hit nearly 4-yr low on grim outlook

SHARES of HTC plunged by their daily limit for a second straight session to an almost four-year low yesterday, after the Taiwanese smartphone maker's forecast for a slide in quarterly revenue led to a raft of brokerage downgrades.

The world's No 5 smartphone maker, once one of the industry's high flyers but badly hit by competition from Apple Inc and Samsung, on Friday forecast as much as a 23 per cent fall in third-quarter revenue, much worse than analysts' forecasts. Shares of HTC had shed seven per cent to T$240.50, their lowest since November 2008, as of 0120 GMT. The broader market was up about 0.2 per cent.Reuters