Nightmare not over for HTC: analyst

Taipei

THE top ranked analyst covering HTC Corp is predicting the company's "nightmare" is poised to get even worse after the smartphone maker slashed its sales forecast, triggering the stock's biggest drop in three years.

Sinopac Financial Holdings Co analyst Calvin Huang in February suggested investors take profit on the stock amid poor reviews of the M9 smartphone that was yet to be introduced at the time. On Friday, HTC cut its quarterly sales projection as much as 35 per cent and announced a one-time writedown on assets that will make turning a profit this year almost impossible.