HTC to turn around sagging finances by introduction of cheaper phones

HTC to turn around sagging finances by introduction of cheaper phonesWashington, Feb 11 : HTC is reportedly planning on increasing the number of midrange phones this year, and selling them at a cheaper price than its current models, in an attempt to turn around its slumping finances.

HTC's chief financial officer Chang Chia-Lin said that the company would sell cheaper phones in the price range of 150 dollars to 300 dollars price in both existing and developing markets.

The Taiwanese company is hopeful that the move will reverse the downturn in its fortunes, which reduced its global market share to just 2 percent, its stock price by 80 percent and its profits by 83 percent in the second quarter of 2013 from the previous year, the Verge reported.

HTC said that the company's focus on its expensive flagship models resulted in huge losses in the mid-tier market in 2013.

Meanwhile, HTC is set to launch a successor to the HTC One soon, and is also planning to release a wearable device by 2014's holiday season. (ANI)