Chastened HTC turns to cheaper smartphones in search for profit
TAIPEI/NEW YORK (REUTERS) - Smarting from growing losses, Taiwanese phone maker HTC Corp says it will expand its range of cheaper products as it fixes off-target marketing for its premium smartphones.
The company that has long prided itself as a purveyor of upscale, feature-loaded products says it needs to sell more mid-tier and affordable smartphones after losing out in 2013.
Muscled off-track by fast-growing Chinese rivals like Xiaomi Inc as well as giants like Samsung Electronics Co and Apple Inc, HTC is seeking to reverse a two-year sales slump matched by an 80 per cent drop in its share price.
"The problem with us last year was we only concentrated on our flagship. We missed a huge chunk of the mid-tier market," said co-founder and chairman Cher Wang, speaking to Reuters in New York last week alongside Mr Chialin Chang, HTC's Chief Financial Officer.