By Jonathan Davies
HTC has fallen off the main Taiwanese stock index after its share price plummeted.
The TWSE 50 Index plays host to the 50 largest businesses in Taiwan. And HTC no longer features on that list, having lost two thirds of its value this year.
Its share price has collapsed by 66% so far this year, and it is not showing any signs of rebounding any time soon.
HTC’s share price is now less than the amount it holds in cash deposits, making it worthless in the eyes of investors.
In June, the smartphone manufacturer reported a halving of revenues which resulted in an operating loss of 5.1bn Taiwanese dollars ($155m; £102m). And last month, HTC said it would be cutting around 15% of its global workforce.
Despite being the first-to-market smartphone featuring the Android operating system, HTC has fallen behind dramatically in terms of market share in recent years. Apple and Samsung dominate the high-end market while Chinese manufacturers Xiaomi and Lenovo are growing in popularity at the cheaper end.
HTC has previously blamed the huge budgets available to its high-end competitors. Samsung spent $60 million on marketing the Galaxy S6 Edge model – the same as HTC’s total annual marketing budget.
Cher Wang, chairwoman and chief executive of HTC, said: “While the current market climate is challenging, I firmly believe the measures we are putting in place to streamline our operations, improve efficiency and focus, and increase our momentum will start to show results over the coming quarters.”