HTC chairwoman Cher Wang has apologized to shareholders for the company's recent market performance.

The businesswoman said that her firm has "let people down" after its stock price dropped to a 12-year low of NT$98, Digital Spy reports citing the Taipei Times.

HTC has endured a difficult quarter after its latest flagship smartphone the HTC One M9 was criticized by reviewers for failing to differentiate itself from its predecessor, unable to stand out alongside the Samsung Galaxy S6, LG G4, and iPhone 6.

However, Wang has a plan in place to reverse HTC's fortunes, confirming that the firm's next flagship has been taken back to the drawing board.

She also revealed that a new "Hero product" will be released in October, but this is unlikely to be a replacement for the One M9.

The original HTC Hero was released in Europe in 2009, but the product line has since been shelved.

HTC is also turning to non-phone products, including its Vive headset, to generate revenue, but is yet to announce a release date for the virtual reality device.