HTC cuts sales forecast amid disappointing One M9 sales

PanARMENIAN.Net - HTC is in financial trouble again, and the Taiwanese phone maker has been forced to lower its sales forecast amid waning demand for its products, Digital Spy reports.

The company reduced its second-quarter predictions by 30% to $1 billion last week, and its share value has since plummeted by 10% on the Taipei exchange.

HTC returned to profitability in January, but disappointing sales of its latest flagship the HTC One M9 coupled with heightened competition in the lucrative Chinese market has seen it slide back into the red.

Despite its struggles, the company has vowed not to withdraw from the consumer phone space and has plans to "aggressively develop new business opportunities beyond smartphones".

HTC is already dabbling in virtual reality hardware with the launch of its Vive headset, which is now shipping out to developers.

Company chairwoman Cher Wang recently apologised to shareholders for HTC's first-quarter performance, but insisted that plans are in place to reverse its fortunes.